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Herald 


INTERNATIONAL 




PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


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Paris, Saturday-Sunday, March 26-27 , 1994 


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? Marines Leave Somalia, 
Ending U.S . Mission 


After 15 Months, Officer Says Troops 
Are 'Proud of What We Have Done’ 


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... ®y Keith B. Richburg 
and Rick Atkinson 

Washington Post Service 

i MOGADISHU, Somalia — The commander 

qTU 5. mflitary forces id Somalia left this war- 

SfWiy coital with Ms remaiiiing troops Friday 
offio^y .closing the book on a messy and 
iacoadosive American intervention in Africa. 

: The 15-month mission that began with the 
Amtaacm Maxmes 1 televised amphibious land- 
ing tndea here Friday just before noon at the 
^ ^SKte Mip^ when a hdiaipter carried 

Major General Thomas Montgomery, the force 
c om ma n der, and his remaining headquarters 
staff to an awaiting ship in the Indian Ocean. 

* Before leaving. General Montgomery said he 
thought that the mission had seen “some very 

great successes,’’ and that American troops “are 

voyprondof what we have done here.” 

' “I pray to God for the Somali people,” he 
added. “I pray that they will find a way to raise 
... ttansdves above this anarchy and turmoil and 

_ ; - . ..7^5 V to bmld some land of society based on love, 

- instead of based on the gun.” 

;■ ‘f* - Less than an hour after: General Montgom- 

- - ~ =“ u ' oy kft,a convoy of 15 Marine amphibious 
assault vehicles rumbled across the tarmac and 
the fitter-strewn. strip of sand known as “Black 
Beach.” entering the water for the short journey 
to tbeff waiting ships. As the last Marine vehicle 
readied the beach, it stopped briefly and its 
amt leader, lieutenant Dave Wolcott, 24, 
called to reporters, “Last words? See you lat- 
er!” ... 

‘ Even though the departure marks the end of 
the mission and the finale of one of the Clinton 
administration's biggest foreign policy head- 
aches, the United States is still leaving b ehind 
more than 50 Marines to protect the U.S. Em- 
bassy and another dozen or so soldiers serving 
in mostly logistical and supply jobs at the 
United Nations headquarters. 

One of those US soldiers left behind, Major 
Kevin Rentner, expressed some of the anxiety 
the remaining Americans fed. “It’s been pretty 
secure for the past week,” he said. “1 don’t hare 
to be nervous for at least another month.” 

The American troops are also leaving behind 
a country still poised between an elusive peace 
ami renewed avil war. 


.ivS , s 


KMIIOVU 

VSMFIED 


Feuding warlords meeting in Kenya glum, to 
hare readied a peace accord On the eve of die 
y-S- east, but skepticism remains that the pac t 

IS any more valid than f lu* n imny m^ nllw fiu_ 

brokered agreements, which usually are violat- 
ed within days of their signing. 

In recent weeks, Mogadishu has been beset 
by an upsurge in banditry and looting that 
many here attribute to a pe r ce p tion that th e 
American departure opens an opportunity for 
gun-toting young thugs and unemployed mili- 
tiamen. 

The job of imposing some kind of security 
amid the chaos now falls entirely to a UN force 
comprised of 19,000 troops, primarily from 
Pa kistan, India and Egypt Almost everyone 
hoe expects that in the coming days or weeks, 
those troqis will be “tested” by Somali gunmen 
anxious to try their resolve. 

“There is apprehension about what might 
occur,” said Major Christopher Budge of New 
Zealand. ‘There could be a perceived idea by 
dements outside the wire that we hare a lesser 
force to react,” be said. “We expect a testing of 
the wire.” 

Although the departure was decidedly low- 
key — no speeches and no Somalis at the gates 
to say goodbye — h was nevertheless a morning 
of cinematic drama, rich with weft-choreo- 
graphed symbolism. 

A fleet of a dozen helicopters lifted off the 
runway in a swirl of dost and sand. Harrier jets 
roared across the sky overhead in & final show 
of American might. Shortly before that final 
vehicle pushed away from Somali sofl, a Marine 
officer, lieutenant Colonel Dave Young, shook 
hands with his Egyptian counterpart, lieuten- 
ant Colonel Mohammed S. Aouda, and told 
him, “Good luck in your mission here.” Ike 
itian wishe d the American “a safe trip 


Colonel Young, speaking earlier in an inter- 
view, said be uxd the troops under Ms com- 
mand not to expert any large homecoming 
celebrations after a mission that can best be 
described as incomplete. 

“Nobody really cares that you’re done this,” 
he said he told his young Marines. But he said 

See SOMALIA, Page 4 



Mu Um/lk Awifalri Proi 

U.S. Marines farting the flag over a brigade headquarters in Mogadishu on Friday as they completed then - withdrawal from Somalia. 


§ In Whitewater Concession, Clinton Opens Tax Books on Early Years 


The Associated Press 

WASHINGTON — Hoping to lay to rest persistent 
questions about the WMtewater affair. President Bill din- 
ton released tax records Friday for his first years in public 
office in Arkansas. 

Ml C3in ton had announced that he would release the 
returns for 1977 to 1979, his first years as governor of 
Arkansas, at a White House press conference a day earlier. 
He had said he would do everything possible to dear up 
questions about WMtewater, a failed real-estate develop- 
ment in which the he and Ms wife said they lost money. 


“Cooperation, disclosure and doing the people's business 
are the order of the day” Mr. Clinton said. 

The White House communications director, Mark 
Gearan, said Friday: “I think the evidence we have today 
about his tax returns will be helpful to people. The facts win 
come out” 

Mr. Ointon promised to cooperate fully with WMtewater 
investigations and said he and his wife exported to be 
interviewed by the Whitewater special counsel, Robert B. 
Fiske Jr. The president also left open the possibility of 
testifying before Congress. 


The documents released Friday showed that the Clintons 
had a substantia] surge of income in 1979, but that the gain 
was due to commodity trading. 

They made over 572,000 in commodity trading that year, 
the returns showed. As a result, their joint adjusted gross 
income that year went from 585,214 in 1978 to 5158,495 in 
1979. 

Previously released remiss showed that their incomes 
dropped substantially in 1980, when their adjusted gross 
income fell to 587, 175. 

The retains also showed that in 1978 the Clintons took a 


510.131 deduction for interest paid to the Great Southern 
Land Co„ a land venture owned by James McDougaL Mr. 
McDougal also was a partner with the Clintons in 
WMtewater Development Corp- 

This week. Mr. Clinton sharply revised downward the 
amount of his Whitewater losses. He said be had incorrectly 
overstated Ms loss by about $22,000. 

Maureen Dowd of Hie New York Times reported from 
Washington : 

At Ms news conference, Mr. Clinton tried once again to 

See CUNTON, Page 4 


Compiled by Oer Stiff Fnm Dispatches 

WASHINGTON — The United States will 
put more sophisticated weapons in South Ko- 
rea as a precaution against an attack by the 
North, Defense Secretary William J. Perry said 
Friday. 

Mr. Perry said he would visit Seoal next 
month to discuss plans to defend the country 
against military moves by North Korea, mainly 
by sending in more anti- artillery weapons and 
tactical aircraft such as Apache helicopters. 

The United States, he said, is concentrating 
on equipment that could be moved to Korea “in 
a matter of a few days rather than a few weeks.” 

“These are fairly complex plans in the works 
over the next several months,” the secretary 
said, to improve the ability of the 37,000 U.S. 
troops based in South Kcrea to defend them- 
selves. In the short term, more munitions, sup- 
plies and spare parts for the US. forces should 
be moved onto the peninsula to enable quicker 
movement should the crisis escalate, be said. 

U.S. advisers, he said, have been discussing 
ways for South Korea to increase its ability to 
defend against massive artillery that North Ko- 
rea’s one-million member army has deployed 
near the demilitarized zone that separates die 
two countries. 

Senior Pentagon officials said earlier that the 
United States had decided to put rtf for now 
any increase in the number of U 5. forces on the 
Korean Peninsula. . 

The disclosure of plans to strengthen the 
South Korean military came against a back- 
drop of growing tension over the North’s refus- 
al to provide proof for its assertion that it had 
no secret program to develop nuclear weapons. 

The Clinton administration had earlier an- 
nounced plans to deploy Patriot anti-missile 
batteries in the South, and to proceed with 
annual joint military exercises with South Ko- 
rea. 

The International Atomic Energy Agency, 
the UN nuclear watchdog that has sought with- 
out success to gain unimpeded access to North 
Korean nuclear sites, referred the issue to the 
Security Council last week for possible punitive 
action. 

A draft resolution brought before the Securi- 
ty Council on Friday gives the North one 
month to agree to full international inspections 
of its nuclear facilities. But it makes no mention 
of trade sanctions. The United States has said 
that such a measure may have to be considered 
later. 

The chief of the UN agency told the Security 
Council on Thursday that North Korea was 
hiding more plutonium than it had declared, 
but that he could not say whether it was enough 
to make a nuclear bomb. 

“We have samples indicating there must be 

See KOREA, Page 5 


Moscow Paper’s Report of Coup Plot Was ’Sham’ 


By Fred Hiatt 

Washington Pest Service 

MOSCOW — A Russian 
published details last week of an 


that 

coup 



The alleged coop scenario, tilled “Version 
No. 1,” had set political Moscow’s nerves on 
edge for a week. It provoked escalating rumors- 
about.. the. health and political future of Mr. 


Yeltsin, who was on vacation in the south of 
Russia. . 

But on Friday the newspaper that had pub- 
lished the document, Obshchaya Gazeta, called 
the plot a “sham” and said that a member of its 
editorial council, Gleb Pavlovsky, had admitted 
composing the document. 

The paper nonetheless defended its derision 
to publish the document and maintained that 
the full stray was still not known. It Muted that 
Mr. Pavlovsky had co-authors, still unknown, 
with conspiratorial motives. 


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Senate Approves Clinton’s Budget 

WASHINGTON (Reuters) — The Senate 
approved President Bill Clinton’s $1.5 tnlhon 
SSSget for fiscal 1995, on a vote Fndayof57 
to 40, challenging the House to match its 526 
hrlK/m 'm new soot ding cuts. 


fine d and that the administration was 
ulariy concerned about cuts in the 


itaiy 


UJ tV, V Hinn v i — 

billion in new spending cuts. 

Budget Director Leon E Panetta, cou- 
cemed about additional spending cuts, told a 
Sen a te bearing that there had not been de- 


Tbe biggest outlays are $337 billion for 
retirement benefits, $271 bflfion for the ntifi- 
tary, $214 billion for debt interest and $161 
MDion for Medicare for the elderly. 

The resolution passed by the Senate closely 
follows Mr. Chnlou’s spending priorities. 


Time for Europeans to Turn Clocks Ahead 

Fjwone turns docks ah£ad on Sunday. Greece. Maud, the Balao, and I 


Europe turns ducks shad, 

Mostcoun tries win move Sj 

ward at 2 AJrf- Britain awl Irdand wll 
remain an hour behind much of the COTti- 
netit, while Bulgaria, Romania, Turkey, 



WIMM, - 1 — — JJ" WO! 

remain an hour ahead. Moscow wffl remain 1 
two horns ahead of Western Europe. 

The United States and Canada move to sum- 
mertime at 2 AJ1 Sunday, April 3. 


fiMwral Na«s Mnmam/Fhmne^ 

. » urns riamaaed by a firebomb in The Sooth Korean leader offered to improve 

access for Japanese goods. Page 9. 
Labedt, Germany. European governments are likely to find it 

Alt .u- • ' harder to borrow in coming mraiths. PaaelL 

An edhOAibit at the Louvre 
works of an almost-forgotten artist. Page 7. 

Book Review ^ 4 


Crossword 

Weather 


Page 19. 
Page 20. 


7 


Mgwssftmd Prfccs_ 


Andorra .....9.00 FF 

Anfiftes.. i ..N-»FF 

Cameroon.-l^OO CFA 

Egypt E.P.5000 

France .9.00 F F 

Gabon .960 CFA 

Greece - 300D /- 

. Ivory Coast .13® CFA 

Jordan 1 

Lebanon ...U SSI .50 


Luxembourg » L.Fr 
Morocco ..—..-12 Dn 

Qatar B.MRiob 

Reunion ....H -»FF 
Saudi Arabia ..9.00R. 
Senegal .....960 CF A 

Spain iwPTAS 

Tunisia ....LODODin 
Turkey ~T. 4 15,000 

UAE &S 0 Dlrh 

U.s. Mil. (Eur.) SI. 10 



Fill 




DM 

1.6655 

1.688 

Pound 

1.4967 

1.4975 

Yen 

104.85 

104.55 

FF 

5.71 

5.7038 


That view was given partial credence when 
Russia’s chief of counterintelligence said that 
four people had been responsible for the provo- 
cation. The chief, Sergei Stepashin, said their 
names would be referred to the Russian prose- 
cutor-general for further action. 

Bui Mr. Stepashin also urged journalists to 
deal more cairtully with false documents. *Td 
like to tell you immediately that there was 
nothing serious behind these publications, and 

See YELTSIN, Page 4 


Colosio Slayer 
Still a Mystery 
To Mexicans 


Compiled by Oar Staff From Dispatches 

MAGDALENA DE KINO. Mexico — As 
the dam Mexican presidential candidate Luis 
Donaldo Colosio was buried Friday, the self- 
styled pacifist who confessed to the assas sin a- 
tion remained a mystery to officials and to Ms 
puzzled neighbors in a Tijuana slum. 

Mr. Colosio’s metal coffin, draped in the red, 
white and green Mexican flag, was lowered into 
the ground before thousands of mourners in 
this northern town where he was bom. The 
body was driven through the streets of Mexico 
City cm Friday rooming , then flown to the 
border city of Nogales. Groups of people stood 
along the highway to pay their respects as the 
funeral procession passed by on its 130-kilome- 
ter (80-mfle) ride to the mountain-ringed town 
of Magdalena de Kina 

In Iguana, where Mr. Colosio was shot and 
unprf during a camp aign rally Wednesday, no 
evidence has emerged to suggest that the 23- 
year-old gunman, Mario Abnrto Martinez, had 
any political connections or was tied to recent 
Mexican unrest. 

The federal attorney general Diego Valades, 
announced Mr. Aburto’s confession, but said ft 
motive remained unknown. 

“He said that even under torture, he will not 
talk,” Mr. Valades said. Mr. Aburto has been 
moved to a prison near Mexico City. 

Tijuana newspapers Thursday quoted tlte 
gunman as prodmning, “I have saved Mea- 
co!” before being dragged, bloody and bruised, 
by the police from the shantytown where he 
snot Mr. Colosio twice, in the head and abdo- 
men. Mr. Colosio, 44, died three hours later m a 

See MEXICO, Page 4 



toed faari/Apncr Fnacr-Preuc 


30,000 Students Mardi in Paris Against Wage Decree 

Students shouted slogans on Friday as they inarched in Pane to protest the government’s plan to pay young people below m i n i umm 
wage. Nearly 50 police officers were injured in dashes with 300 youths. Similar protests were held in other French dries. Page 2. 


Anxiety Marks Start of Passover in Israel 


By Clyde Haberman 

New York Times Service 

JERUSALEM — For a measure of how 
Israelis and Palestinians are getting along, the 
A-A. Glass garage is a useful barometer. 

AA. Glass, in a Jerusalem industrial zone, 
installs protective windshields and windows in 
cars. When its business is good, you know it is 
time to take cover. 

And since the Hebron massacre a month ago, 
says one of the owners, business has been very 
good, indeed. 

Like casualties of war, cars Imp into the 
garage at a steady pace, their windshields 
turned to webs of shattered glass from stones, 
crowbars and other weapons of choice in a long 
conflict that has turned nastier since the slaugh- 
ter of Muslim worshipers by a Jewish settler. It 


has readied the point that the special plastic 
used to deflect rocks is suddenly in riiort supply 
for some auto models. 

“The stones were always thae, but now there 
are many more of them,’* said a settler from 
Shiloh, north of Jerusalem. The day before, his 
win dshield had been hit by a big rock in the 
Palestinian town of Ramaflah. Had it not been 
made of plastic, cracking but not splintering, 
Ms face might have been rearranged, he said. 

Palestinians find the going rough, as weft. 
Bassam Zoumot, an actor, was with a friend 
whose car had been smashed by settlers while it 
was parked in Shufai, an Arab neighborhood in 
Jerusalem. 

“It’s become almost like the first days of the 
mrifndn” Mr. Zoumot said, referring to the 
Palestinians' uprising. 


One does not need a garage, though, to see 
the signs of disquiet that course through Israel 
and its territories like rain-swollen streams. 

As Israelis made final preparations Friday 
for the Passover holiday mat begins Saturday 
night, they were in a jumpy mood, fearing that 
any day now some or them win be blown up or 
gunned down in a Palestinian revenge attack. 
The holiday brings unusually large numbers of 
people together in public places, so the country 
is on its collective guard. 

All police vacations arc canceled for 10 days, 
and the army bos sent reinforcements into (he 
occupied territories, especially Hebron, which 
remains under constant curfew. 

At the Malha shopping man in Jerusalem, the 

See ISRAEL, Page 4 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 26-27, 1994 


Synagogue 
Set Afire, 
Neo-Nazis 
Suspected 


By Craig R. Whitney 

New York. Times Service 

BONN — A synagogue in die 
northern German city of La beck 
where Passover services woe to be 
celebrated this weekend lor the 
first time since the Nazis looted the 
sanctuary in 1938 was damaged by 
a firebomb Friday. 

The police said 
that rightist radicals 
the firebomb through a window 
into an office that was heavily dam- 
aged, but said that they had no 
suspects in the case. Seven people 
living in the four-story brick bund- 
ing escaped without injury. 

The main sanctuary was un- 
touched. A second bottle filled with 
inflammable fluid was found uncx- 
ploded on the budding’s staircase. 

The early morning attack, be- 
lieved to be the first attempted ar- 
son against a synagogue in Germa- 
ny since the Nazi KristaBnackt — 
or Night of Crystal, for the glass 
shards that littered streets on Nov. 
9, 1938 — caused widespread out- 
rage. 

“The German government is 


shocked by this attack and&hmjtfy 


condemns it,” said Chancellor i 
mui Kohl’s spokesman. Dieter Vo- 
gel, who added that the chancellor, 
on vacation in Austria, had been 
kept informed. “The German gov- 
ernment stands by Jews in Lflbeck 
and elsewhere," Mr. Yogd said. 

Heidi Simonis, the premier of the 
state of Schleswig-Holstein, where 
Lflbeck is situated, visited the site 
and said, “This was an attempted 
murder.” Hie state prosecutor, 
Heribert Ostendorf, said that die 
authorities assumed that neo-Nazis 
were behind the attack and that 
any eventual suspects would be 
charged with attempted homicide. 

The local Christian churches, in 
a common statement, said, “Th is 
crime is directed against a commu- 
nity that is trying to rebuild itself 
after the desolation of the Nazi era. 
We Christians cannot stay quiet as 
in 1938. When synagogues bum, 
churches cannot tie far behind.” 

Heinz Jficfcel, speaking for the 
Jews in LObeck, said: “This is real- 
ly terrible. I can't find the words to 
describe what has happened.” 

Ignatz Bubis, the head of the 
Central Council of Jews in Germa- 
ny, accused “spiritual arsonists” of 
preparing the climate for this and 
hundreds of attacks against for- 
eigners and asylum-seekers that 
have taken more than a score of 
lives since 1992. 

There were 1,814 such violent 
attacks in 1993, down from 2^84 in 
1992, according to the German au- 
thorities, but they continue: 299 in 
January, compared to 333 in De- 
cember. That is stin around 10 a 
day: a Turkish-owned textile store 
in Brenm was also firebombed 
Thursday night, for instance. 

Mr. Bubis, who panted out that 
80 Jewish cemeteries were desecrat- 
ed in Germany in 1992, called for 
tougher law enforcement actions 
against the people who cany out 
such crimes and said he was not 
surprised that a synagogue was 
eventually firebombed. 

German courts have been hand- 
ing out steadily heavier sentences. 
Two neo-Nazis convicted is De- 
cember of setting a fire in the north 
German town of MOIln that killed 
two Turkish gills and a Turkish 
woman a year earlier were sen- 
tenced to life and 10 years’ impris- 
onment. 


New Mozambique Army 

Set to Begin Ihuuing 


Reutov 

MAPUTO, Mozambique — 
Training of the first infantry battal- 
ions for Mozambique’s new unified 


army is expected to begin April 4, 
the united Nations 


special repre- 
sentative, AJdo Ajello, said Friday. 

The government and the farmer 
rebel Rename movement agreed to 
merge their forces under an Octo- 
ber 1992 peace agreement aiding 
16 years of civil war. The United 
Nations is seeking to ensure that 
the new 30,000-strong army is 
ready by September. 


UNIVERSITY DEGREE 

BACHELORS • MASTERS • DOCTORATE 



FarMrt.Uai 


(310)471-0306 
FAX: (310) 471-6456 

Ctf war* tar 


Pacific Western University 
SOON Sepulveda BML. Dent 23 
Los Angeles. CA 90IM9 



Police looting through the debris at the Lfibeck synagogue Friday. 


Paris Clashes Erupt 
Amid Wage Protest 


By Alan Riding 

New York Tima Service 
PARIS — Carrying banners and 
singing protest songs, tens of thou- 
sands of students marched through 
the streets of Paris and other 
French rides Friday as part of their 

esralatrng campaign y gn ru. 

eminent decree lowering the mini- 
mum wage that can & paid to 
young people. 

Most of the 30, 000-strong dem- 
onstration in Paris went off peace- 
fully, with student leaders trying to 
maintain order. But about 300 
youths began breaking shop win- 
dows and throwing stones at riot 
pofice who answered with tear gas 
and baton charges. At least 43 
youths woe arrested, while nearly 
30 police were injured. 

On Thursday, Interior Minister 
Charles Pasqua warned that at least 
1,000 vandals planned to infiltrate 
the march and cause trouble. 

The worst dashes ou Friday oc- 
curred around the Place de la Na- 
tion, where the march ended, with 
police using tear gas to 1 disperse 
youths well into the evening. 

In Lyon, about 30,000 protesters 
gathered for a demonstration that 
went off without major incident. 
Students also turned out in force in 
Marseille, Toulouse, Grenoble, 
Lille, Valence and Nice. Overnight 
in Nantes, about 400 youths built 
barricades and threw gasoline 
bombs at police. 

in Besan^on, in eastern France, 
about 500 youths forced a 45-min- 
ute dday in the start of a Davis 
Cup tennis match between France 
and Hungary by forming a human 
chain that blocked the entrance to 
the stadium. In several cities, stu- 
dents also blocked highways and 
railroad tracks. 


grees and requiring those with so- 
called technical degrees to be paid 
80 percent of the mini mum trap. 

negotiated by trade unions rather 

than of the legal mini mu m 

But. rather titan petering out, the 
movement has continued to grow, 
raising fears that it could lead to 
the sort of massive anti-govern- 
ment movement that paralyzed 
France in May 1968. So far, howev- 
er, while backing the student de- 
mands, wiirnw have not yet esiM 
on workers to join the protests. 

On Friday, with some posters 
showing caricatures of Mr. Baila- 
dur with Dracsla teeth, the stu- 
dents in Paris said they would keep 
demonstrating until the decree was 
revoked. 

“We’ve way pleased,” said Hii- 
Hppe Campinchi, a national stu- 
dent leader. “If Balladur withdraws 
the law, well stop. If he tries to 
smother the movement, h will 
spread.” 

While the decree has been the 
catalyst for the protests, however, 
they have also served to underline 
(he general mood of pessimism 
among French youth. 

“We have no future," said one 
young woman in the demonstra- 
tion Friday in Paris. “That’s why 
we’re out here.” 

So far, at least, the movement 
has assumed no political color, 
with many students saying they fed 
as disenchanted by the left as they 
are by the right. 


In Italy, the Probe Drags On 

The Accused Wonder If It Will Ever End 


By Alan Cowell 

New York Times Service 


ROME — Languishing in prison, Mario Zamor- 
ani couldn't help but thinv of Dante’s “Inferno.” 


Through the third-floor window of bis cell in 


Turin, Mr. Zamorani said he could see the con- 
struction ate for an extension of the prison build- 
ing,, a contract he himself had negotiated with the 
authorities before his arrest almost two years ago 
on charg es of paying bribes to win contracts. 

“In the ‘Inferno,’ the sinners were confronted 
with their sins,” he said. “You could say the same 
tiring happened to me.” 

These days, Mr. Zamorani. 46, the former head 
of Italy's largest public construction company, 
Italstaz, is out of prison, free to work while he 
awaits trial cm five counts of corruption linked to 
the vast web of graft that brought down Italy’s 
political old guard. 

His position — accused but not tried; freed but 
not judged — reflects the anomaly of a country 
that has broken with its past without conjuring a 
vision of the future. Even the course of political 
renewal on which h embarked by scheduling elec- 
tions, which will be held Sunday ami Monday, may 
prove far less of a catharsis than many had earlier 
expected. 

Indeed, with a stagge ring number of buaness- 
mea and politicians — 6,000 so far — implicated in 
the c orrup tion scandal, and investigators still 


ca ny 

scouring tor evidence of public wrongdoing, fig- 
ures Hke Mr. Zamorani raise the question of how it 
is ever going to end 

“I am tropmg that after the election there will be 
an amnesty because what happened was more like 
a general levy, and that is not a crime, " he said of 
the system of kickbacks that permeated politics! 
and business dealing* 

“If it doesn’t finish some time, we wifl reach a 
position where every single I talian family has one 
member under investigation,” Mr. Zamorani s aid 
“Either TangentopofT finishes, or Italy is fin- 
ished” 

But that is not the view of those who helped 
expose the corruption scandal that has come to be 
called Tangentopoli, or “Kickback Gty.” 

“The investigations will go on as long as there’s 
something to investigate,” said Gherardo Colom- 
bo, one of the magistrates in Milan who uncovered 
the scandal. “This is not the moment to be 


The parties that have dominated Italy since the 
beginning of the Cold War, the Christian Demo- 
crats and the Socialists, have been all but obliterat- 
ed by the scandal, disgraced and supplanted by 
other contenders. 

Forma- political barons like Giulio Andreotti, 
who served seven times as prime minister, face 
accusations of corruption and consorting with die 
Mafia. Many of the nation’s most prominent en- 
trepreneurs have been jailed for interrogation. At 
least 14have taken tberi own lives, somem circum- 
stances that have not been fuDy explained 

Mr. Zamorani, who in June 1992 became the 
first head of a state-owned company to be jafled 

fy hdd^m liaxTvittare prison in Milan, where 
members of the business elite were left to rub 
shoulders with drag dealers and other less illustri- 
ous prisoners until they agreed to cooperate with 
the investigation. 

“1 admitted my ctime on the first day” Mr. 
Zamorani said But he was not freed for another 60 
days. 

Undo: the pressure of incarceration, he told 
investigators about die system under which con- 
struction companies shared die state contracts for 
which they would submit bids and bribes. He did 
not nam e names, be said, though he had been 
implicated by a former business associate. 

So, in April 1993, h was back to jail, this time in 
Toon to answer more questions about ilheit pay- 
ments. Bardy had he emerged from prison in Turin 
on May 1 1 then he was jailed again in the north- 
eastern town of Pardenone from May 22 until June 
9 on the testimony of the same former associate. 

Like thousands of others implicated in the scan- 
dal, Mr. Zamorani has not faced a formal trial. 
Hearings in Milan are to begin in April, but a trial 
in Turin is not expected to start until next year. 

it is the dday in the judicial process that leaves 
the Tangentopoli affair unresolved. 

Mr. Colombo, the investigating magistrate in 
Milan, said only about 100 of the 1,400 corruption 
cases bang prosecuted in that jurisdiction alone 
have passed the first stage of the trial proceedings, 


of amnesty. Even if there’s a little bit of difficulty, 
think the trials should be held.” 


which permit two appeals before final judgment 
About 400 more accused, including Mr. Zamorani, 
have been officially told that they will stand trial. 

Even then, a jail term may be only a remote 
possibility. Like others, Mr. Zamorani maintains 


The scandal broke in February 1992, when an 
official in Milan, Mario Qtiesa, was caught accept- 
ing a bribe in return for awarding a cleaning 
contract at a senior citizens’ home. 

Since then, magistrates have uncovered a net- 
work of graft that reached into the boardrooms of 
such industrial giants as Flat, Fenuzzi and Oli- 
vetti, as weO as state holding companies. 


that any individual wrongdoing should be par- 

. involved 


dated because the system of corruption ii 
virtually evezyone. 

Meanwhile, Mr. Zamorani has turned to other 
pursuits. In a four-part magazine series, he wrote a 
businessman's guide to being arrested, suggesting 
that detainees pack a sweatsuit, sandals, cigarettes, 
a radio, insect repellent and writing materials when 
the Carabinieri arrive. 


Right Affirms Unity Before Vote 


The Associated Press 

ROME — Italy's electron campaign closed Fri- 
day with leaders of a conservative affiance rallying 
to tiro side of Silvio Berlusconi, the media magnate 
who en tered the political arena two months ago 
promising economic recovery. 

Saturday was set aside as a day of reflection for 
the 48.2 million people eligible to vote in what has 
been called the country’s most important election 
since 1948. In that vote, Italians fust rebuffed the 
Communists in their bid to run the government. 

Voting for the Senate and Chamber of Deputies 
takes place Sunday and Monday. 

Election rules forbid publication of voter sur- 
veys in the last two weeks before elections. But the 
last polls showed the Freedom Alliance, led by Mr. 
Berlusconi, bolding the edge ova a leftist coalition 
led by the Democratic Party of the Left, the former 
Communists. 


It was widely expected that no one grouping 

which 


wwnu ^ more man ou percent or the vote, which 
would very likely give a key role to a small centrist 
alliance of former Christian Democrats and re- 
formers. 


Mr. Berlusconi has forged a campaign alliance 
with Umberto Boss, the leader of the anti-corrup- 


tion, anti-bureaucracy Northern League. Also al- 
lied with Mr. Berlusconi is the National Affiance, 
the grouping founded by Gianfranco Fmi, the 
leader of the neofascist Italian Social Movement. 

The three conservative factions have quarreled 
throughout the campaign, but on Friday made a 
show of solidarity. 

“The differences were exaggerated during the 
campaign,” said Roberto Maroni, a Northern 
League leads. “The reasons for unity prevail. “ 

Mr. Maroni and other conservatives rallied to. 
Mr. Berlusconi's side after a magistrate investigat- 
ing possible influenc e of Masonic members on the 
campaign sent the police to the Rone headquar- 
ters ctf Mi. Berlusconi’s Foiza Italia to seize lists ctf 
candidates and officials. 

Meanwhile, leftists maintained that a vote for 
them would ensure the continuation of the inqui- 
ries of politicians and businessmen. 

“The real division is between those who want to 
defend the interest of those who governed our 
ooantry for the last 40 years and those who want to 
flee Italy from the climate of unlawfulness ami 
corruption,” said Antooino Caponnetto, who is 
running on the anti-Mafia La Rete ticket. 


Hurd Implores Britain to End r Euroskepticism 9 


The issue that has hi gh 
school and university students 
around the country is a government 


Reuters 


PLYMOUTH, England — Brit- 
ain’s negative attitude tow 


it of the 


5.900 franc (about SI, 000) monthly 
g people 


rnmuniim wage to young peopl 
under the age of 25. The students 
are demanding revocation of the 
decree. 


But with one out of fair youths 
between the ages of 16 and 25 out 
of work, the conservative govern- 
ment of Prime Minister Edouard 
Balladur has contended that, rather 
than discriminating against young 
people, the new policy win give 
them more hope of employment 
when they end their studies. 

Young people account for about 
750.000 of the 33 million unem- 
ployed in France, but their share of 
total unemployment is growing 
faster than the average. The most 
severely affected are unqualified 
youths — often children of Third 
World immigrants — who crowd 
poor suburbs of Paris and other 
cities. 


toward Eu- 
rope could badly damage its world 
standing, Foreign Secretary Dog- 
las Hurd said Friday, adding that it 
was crazy for Britons to go on 
* rendieS OT *** 

Mr. Hurd told Conservative ac- 
tivists that a tatter dispute over 
voting rights in an Haro- 

peanUmon was an important mo- 
ment in the history of the governing 
Conservative Party. 

He said he would stand up for 
Britain at a weekend meeting of 
EU foreign ministers in Greece, bur 
did trot hold out hopes for a sdn- 


fidds,"besauL “Unless we can lift 
our sights and see mare dearly how 
the wold around us has shifted, we 
shall put at risk Britain’s position 
in the world.” 

This week, Mr. Major told Par- 
liament it could rdy on the Conser- 
vatives to strike a nationalist tone, 
a statement seen as an attempt to 
soothe the right wing. 

In London, the Foreign Office 
said Mr. Hurd had canceled a trip 
to the Czech Republic and Poland 
after the talks in Greece to allow 
him to concentrate on the enlarge- 
meat question. 


“We are right to argue against an 
automatic mechanical increase in 
the blocking minority from 23 to 27 
seats,” Mr. Hurd said. “People 
need to be reassured that their in- 
terests will be taken fully into ac- 
count, that on matters which they 
regard as important they will not be 
steamrollered by a powerful major- 
ity 

“We have a strong case and I 
shall press it strongly,” be said. “1 
am not dear that we shall reach an 
answer this weekend.” 


Britain believes the increase in 


uio not uoia out nopes jot a som- -|-x 1 1 O ri 1 O • 

Donald Swann Dies, Comedy Songwriter 

m unity to 16 from 12 next year. ° 


After the first demonstrations 
against the decree three weeks ago, 
Mr. Balladur made several conces- 
sions, excluding those with top de- 


ni unity to 16 from 12 next year. 

He said it was time Gcoserva- 
tives put an end to rows over Eu- 
rope, which nearly brought down 
Prime Minister John Maoris gov- 
ernment, and looked upon the oth- 
er 1 1 EU countries as friends rather 
than potential enemies. 

“Britain against Europe cannot 
in our saner raiments be our rally- 
ing cry,” Mr. Hurd said at an annu- 
al meeting of party executives. 

“We spend too much time in the 
old trenches on the old battle- 


Reteen 

LONDON — Donald Swann, 
70, a comedy songwriter and per- 
former whose revue with Michael 
Flanders, “At the Drop of a Hat,” 
was a huge success in the 1950s and 
’60s, died Wednesday rtf cancer, his 
family said. 

The team ctf Swann and Flanders 
became stars ctf stage, radio, televi- 
sion and recording with such dis- 
tinctively British examples ctf musi- 
cal humor as “The Hippopotamus 


Song,” in which they sang about 
“mud, mud, glorious mud.” Others 
included “Fm a Gnu” and “Tbe 
Gas Man Cometh.” 

Mr. Swann was bom in Wales, 
but was half Russian and grew up 
speaking the lan g ua g e. 

The team wot fame in 1956 with 
“At the Drop of a Hat,” which ran 
for more than 1,700 performances 
in London’s West End and on 
Broadway. Mr. Swann wrote the 
music, played the piano and sang, 


while Flanders wrote the words 
and sang. Tbe partnership ended in 
1967, when Mr. Flanders, who was 
wbeelchair-hound after having po- 
lio, said be was exhausted. He (bed 
in 1975. 


Archbishop John L. May, 71, 
who promoted racial harmony and 
an increased role for women dozing 
12 years as bead of the St. Louis 
archdiocese until be retired in 1992* 
died Thursday of brain cancer. 


WORLD BRIEFS 



Haitian Mob Evicts UN Observers 

_ tt.u/asi An ormwl mYVamW mob 1 


PORT-AU -PRINCE, Haiti (AF) -An wmodjrro^xmym^ rousted 
team of United Nations observers from tlwar beds and forced them Ota 
. , 1 . invefitiefltmc rOXXtS 01 ft 


to shoveand push tbr 

TVT Bihan iKm 


ouunivie — 

when they were stopped at an army ootpost on 
ki The Associated Press, ^hey 


gdCgb NdwYo* ^ prepay/ 
formal response to the incident, which occurred 1 Wednesday night and 
Hmche, northeast of Port-au-Pnnca The team made it 
safely to the capital by 5 AAL Thursday. 

Norway to Expel an Iranian Diplomat 

OSLO (AP) — Norway announced tbe expulsion of an Iranian diplo- 
mat Friday, saying tbe envoy’s activities were not m keeping with his 
status in the country. 




i he did not expect 


The m i ni stry would not say what Mr. 
warrant his expulsion, and a ministry spokesman i 

was not related [o 

an attackon William Nygaard, a publisher who produced a Norwegian 
edition of a»i««i Rushdie’s book “The Satanic Verses, which some 
Muslims regard as blasphemy. Mr. Nygaard was shot and wounded 
outside his home near Oslo on Oct, 1 1. 


Ban Placed on Toxic Waste Exports 



GENEVA (AF) — After years of dumping toxic waste in poor 
countries, industrialized nations agreedFriday to ban the practice despite 
opposition from the United States, Japan and Germany. 

Tbe United Nations-sponsored conference to renew the so-cal led 
Basel Convention on the Transboundary Movement of Hazardous 
Wastes decided to ban exports of hazardous waste for final disposal with 
immediate effect, and for recycling by Dec. 31, 1997. 

The derision, which came after five days of wrangling among more 
than 60 nations, was seen as a victory for environmental groups and Third 
World nations. The conference chairman. Chris Lamb of Australia, 
hailed the move as a “historic step.” He oonccdcd, however, that the ban 
would not prevent illegal shipments. It will be up to individual govern- 
ments to take action against companies that fry to dump their waste 
secretly abroad. 







Ro manian Communists Pardoned * 


BUCHAREST (Reuters) — President Ion ffiesen decreed a pardon 
Friday for eight Communist bosses who were jailed after tiro 1989 
revolution for crimes of mur der and abuses of power. 

The eight, metroting former Foreign Minister Stefan Andrei, were 
members of the Politburo. All had been released from prison during the 
past two years after sentence redactions or on grounds that they needed 
medical treatment. Mr. Hiescu’s latest gesture wiped the slate dean for 
than. 

Traian Cheheleu, the president’s spokesman, played down the impor- 
tance of the pardon, saying: “It’s nothing wintnal, pardons often happen 
«nH they are allowed under the constitution.” Mr. fltesca also pardoned 
16 other figures. 


Sister Visits Jailed China Dissident 


BELTING (AFP) — Thai W ehmn, one of the leaders of tbe 1989 pro- 
democracy demonstrations, has been in jail in central Henan Province 
since his arrest on March 6. his family said Friday. 

They said the Mr. Zhai, 23, who was arrested in Bering, was bong held 
near tbe dty of Xinan in the western part of the province. His arrest was 
part of a security offensive against dissidents in China beginning early 
this month. At least 18 people were detained. 

A family member said Mr. Zhafs youngest sister, Zhai Yujie, had been 
allowed to visit him on Friday morning, but that tiro police would not 
divulge the reasons for his arrest After the violent repression of the 
democracy movement in Jane 1989, Mr. Zhai was arrested in early 1990 
and spent three and a half years in prison for “countezrevolutionary 
propaganda." He was freed last Sept. 13. 


Croat and Muslim Army duets Meet 


SARAJEVO, Bosma-Hexzegoyina (AF) — Croatian '’and Muslim mili- 
tary chiefs met to combine their army a 


army commands Friday, a day after 
Bosnian Serbs formally rejected an invitation to settle Bosnia’s war by 
joining a Muslim-Cnaatian federation. 

It was the latest sign of growing cooperation between tiro two groups, 
who until recently were rivals but who now are consolidating details of a 
federation agreement signed March 18 in Washington. 

General Rasim Delic, commander of the Mnslim-led government 
troops, and Ante Rose, his Bosnian Croat counterpart, met to set np a 
joint command. 


j fcftas - 


yrz. 


For the Record 


the blocking minority is an unac- 
ceptable move toward centraliza- 
tion in the union. 


Thirty-Iota- people were rajured when a local train crashed into the rear 
of a Penzance-to- Edinburgh passenger tram that was stopped at a station 
in Newton Abbot, in southwestern England, the police said. Two of the 
injured were in serious condition, a British Rafl spokesman said in an 
interview with Sky television. (Ratten) 

The captain and ownen of the oil tanker Braer, which spilled neatly 
600,000 barrels of crude ofl in the North Sea, will not race criminal 
charges, the Crown Office said in Edinburgh. Tiro ship ran aground in the 
Shetland Islands in a stonn on Jan. 5, 1993, aod broke up, causing one of 
the world’s worst oil spills. Tbe decision does not baravfl suits. (AP) 



Mr. Hard warned those who 
fought a yearlong battle in Parlia- 
ment against tiro Treaty on Europe- 
an Union that their time was past 

“Let us stop all this divisive non- 
sense about Europhfle and Euro- 
skeptic,” he said. “That is yester- 
day’s game, those are yesterday’s 
battered toys. Let us put than back 
in the toy cupboard where they 
belong. That is a lunatic discus- 
sion.” 


TRAVEL UPDATE 




British Airways Slashes Some Fares 


LONDON (Rentas) — British Airways cut selected fares bj ** 
half on Friday in a bid to win passengers hack from other airtines and 
from discount “bucket drops” that buy up unsold seats from airlines. 

“We arc introducing new fares with savings of up to 50 percent on some 
seats and by an average of 30 percent on others," a company spokesman 
said. The antine said it was making a special offer for ldsnrotfate 

KAnlnnnc marlu Tirfnra iin Wn nnk OiC >mJ 1 £ ! J . * — 




' 



lowest London-Paris fare was cut from £108 to £83. BA said there w ere# 
also savings of more than £300 on trips to tbe Far East 
in response, Britain’s other long-haul carrier, Virgin Atlantic Airways, 
vowed to match any cuts on its routes to the United States and Far East. 

Romanian aviation sothoritks grounded beEcoptm on Friday of the 
type that crashed near a Carpathian mountains resort, killing six British 
tourists, until tbe cause of tbe accident can be determined. (AP) 
Gina's does, rated die workfs oast dangerous, may grow safer 
following Beijing pledges to ease a shortage of pilots that has stifled 
airline expansion plans and strained safety. (Ream) 






i: 

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4 






THea mericas/ 

As the Whitewater Punches Keep Comings Clinton Refuses to Bachpedal 






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■ ; PreskJent Clinton meeting the press at the White House to tescnss 


trttj CtomlTV Avxrocd Pie*k 

events in the Whitewater affair. 


POLITICAL 1 VOTES 


bits Pardoned % ^wwakers Lean on Lobbyist* 

“! --i- » nu Ptmr/-»r/*VT m .. 


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-.” 7 


WASHINGTON — The House of Representa- 
tives has voted, 315 to 110, to make virtually all 
lobbyists report how much they spend to mflnimr** 
Ctmgress, and to ban altogether the meals and rifts 
they have long rained on legislators. 

. It was the most muscular attempt to curtail the 
influ e nc e of money cm the lawmaking process 
since at least 1989, when Con gr ess enacted broad 
ethics reforms, and the first overhaul cfora 1946 of 
the rules governing lobbyists. 

The tail’s chief Democratic sponsor, Represen- 
tative John W. Bryant of Texas, predicted th at the 
prohibitions on gifts and favors would become 
stricter when House and Senate conferees meet to 
combine their two hills. 

The bill passed Thursday intends to control the 
problem in at least three ways. Fust, it rewrites the 
definition of a lobbyist, now vague, to indude 
anyone paid more than $2,500 in any six months, 
or any g ro up or firm dial spends mote than 
$10,0(50 a year, to influence government action. 
Second, it requires them to file twice-a-year reports 
disclosing chests, the issues they are working on, 
their income and expenses and the congressional 
and federal offices they visit, among other matters. 

Finally, the bill bars lobbyists from giving legis- 
lators OT their aides mmilt gif ts, emgrtflmmgnt, 
trips ra anything else of more than inconsequential 
value, like coffee and doughnuts. (NYT) 

BrtfalnlUnfltfi* Now Flghtr 

WASHINGTON — TheU.S. Air Force should 
re-examine the need for its next-generation fighter 
aircraft,, the F-22, and postpone its deployment by 
seven years because the threat that justified the $99 
biOkm program no laager exists, a congressional 
report said. 

The General Accounting Office found that the 
air force's current top-of-the-line fighter, the F-15, 


wiU be more than sufficient to counter any poten- 
tial adversary through at least 2013. Although the 
report stopped short of recommending that the 
program be canceled, it criticized the F-22 as a 
narrowly conceived, single-mission aircraft that 
may no longer be suitable to the diverse security 
needs of the post-Cold War era. 

The report is likely to fuel growing congressional 
scrutiny of the program — one of the largest in the 
Pentagon’s dwindling budget — and add to criti- 
cism that the military services have not done 
enough to tailor their weapons development to 
current threats. (WP) 

gjjrton Prods the Slowpokes 

WASHINGTON — President Bill Clinton says 
White House employees, including some top aides, 
have 30 days to complete security clearance proce- 
dures or they will be put on leave without pay. 

“About 90 percent of the people who work here 
have been through all the clearance. The others are 
going through the clearance." Mr. Clinton said 
Thursday when asked at a press conference about 
problems with background c b«*ks- 

The security clearance problem, one of the latest 
in a number of embarrassments for the White 
Houses surfaced two weeks ago after published 
reports that scores of White House employees, 
including the press secretary. Dee Dee Myers, had 
not yet received permanent security passes. (AP) 

Quote/ Unquote 

Partisan recriminations after the House faded to 
pass a crime Ml before a two-week holiday break: 

Representative David Drrier of California, a 
Republican: “We implored die Democrats to work 
wia us. For them to blame us now for stalling 
consideration is absurd." 

Representative Charles E Schemer of New 
York, a Democrat: “The Republican Party only 
wants one issue around: Whitewater." (AP) 


a Srai t'i:' - ■ ■ 7 ‘ ’’ 


NASA Programs Face More Gravity 


DATE_. 

i >onie Fa# 


New York Times Service 

WASHINGTON — NASA’s e£- 
; forts to reinvent itself and do more 
*- with less money are likely to fail, 
according to a congressional re- 
. port, and the agency should consid- 
* er alternatives such as ending 

nnimwgd space flights and the SpftCC 

- station program. 

The Congressional Budget Of- 
fice report said the National Aero* 
‘ nautics and Space Administration 
would have to “narrow its objec- 
tives" in (he face of budget cuts. 
The agency has been trying to 


__ . . r.C 


trim costs by canceling or delaying 
programs, reducing others and op- 
-- ‘exam® with greater efficiency, the 
* 7 office said. 

'V But its analysis of the agency’s 
plan “concludes that improving the 
r ; way NASA conducts its business 
j —buying more for less— is unlike- 

7 i - ly to produce significant budgetary 
savings for the next five years. 

NASA’s strategy of continuing 
‘ its ambitious projects, like the 
space station, despite a shrinking 
’ " budget and a history of habitual 
cost overruns, probably will not 
■ • succeed, it said. 

- In response, the space agency s 
*. : adminis trator, Daniel Goldin, said 


the agency would not back away 
bom its traditional program for 
one with a much narrower mission. 

“The report takes a defeatist ap- 
proach and sends a drilling mes- 
sage to any government agency 
that dares reinvent itself," Mr. Gol- 
din 

The report said that NASA 
should consider reducing its broad 
sweep of programs and doing a few 
things well instead of struggling 
with many, it said. 

The study offered these exam- 
ples of how NASA amid focus on 
some of the things it does now at 
different budget levels: 

• At the present budget level of 
$143 billion a year, the agency 
could concentrate on manned 
space flight, including building the 
space statical and planning for 
eventual manned missions to the 
Mocm and to Mars. This plan 
would severely restrict the current 
emphasis on space science, like as- 
tronomy and Earth environmental 
missions. 

• The agency could spend $11 
billion a year to emphasize robotic 
spacecraft and conduct only a few 
space shuttle flights a year, instead 
of the current eight. Such a plan 


would de-emphasize manned flight 
and result in canceling the space 
station. 

• NASA could stop all costly 
manned space flight and concen- 
trate on roW spacecraft, as well as 
developing new technology for pri- 
vate industry. Such a program 
would cost only $7 billion a year, 
the repot said. 

Jr-, ^"Sairman*^^ House 
space committee, said the report 
made it dear that “the space pro- 
gram as a whole is in serious trou- 
ble." 


French Enter Antes Inquiry 

Reuters 

MOSCOW — Russian officials 
will send the flight recorder from a 
Airbus 310 jet that crashed in Sibe- 
ria to Paris for decoding, the bead 
of the carrier operating the airliner 
said Friday. All 75 people aboard 
were killed when the Aeroflot plane 
crashed Wednesday rat a flight 
from Moscow to Hong Kong. 




Away Front Politics 


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By R. w. Apple 

Nett York Times Sawce 

WASHINGTON — Representative Jim 
Leach has drooped his blockbuster, but 
whether it will inflict heavy political damage 
remains to be seen. 

Fra weeks and months, there have been 
allegations of irregularities, even skuldug- 
gery, in an Arkansas real-estate deal involv- 
ing Bill Clinton and his wife 15 years ago. 
But to most Americans, it seemed like much 
ado about not very much. And the whole 
thing took place long ago and far away. 

Suggestions earlier this month that those 
who were supposed to be investigating the 
matter had improperly briefed people in the 
White House brought the controversy into 
the here and now — out of Arkansas arid into 
Washington, out of the 1970s and into the 
1990s. 

Subpoenas were issued to several top^evel 
presidential aides, and President Clinton 
conceded at the tune that “it would be better 
if the meetings and conversations hadn’t 
occurred." 

But until Mr. Leach, an Iowa Republican, 
made his charges on the flora of the House 
on Thursday, and backed some of them with 
detailed documents, no one with any credi- 
bility to speak of had actually accused any- 
one in the administration of trying to inter- 
fere with the investigation or cover 
something up. Mr. Leach did that. 


He has a formidable reputation for inde- 
pendence and rectitude, and that gave weight 
to what be said. Bui his charges remain 
unproven, and Mr. Clinton categorically de- 
nied at his press conference Thursday night 
any knowledge of the actions of which Mr. 
Leach spoke. If anybody interfered, he im- 
plied, it was probably Republican appoin- 
tees. 

Although the president has taken several 
further steps in his campaign to demonstrate 

NEWS ANALYSIS 

that be and Mrs. Clinton have nothing to 
hide, fresh questions still permeate the politi- 
cal atmosphere: Which officials of the Reso- 
lution Trust Corp. oversaw the investigation 
of the failure of Madison Guaranty Savings 
& Loan and any potential connection with 
Whitewater? Did they, as charged, try to 
steer the inquiry away from Whitewater and 
the Clintons? 

If so. who, if anyone, told them to do it? 
Who in the White House, if anyone, learned 
of it after the fact? What did they do then? 

Mr. Leach has handed over his evidence to 
the special counsel in the case, Robert B. 
Fiske Jr. But politics dispenses a rough jus- 
doe of its own, and this was no exception. 

Mr. Clinton’s standing in polls, which has 
been slipping in the last few days, will almost 
certainly slip further now. In the latest sur- 


vey by the Los Angeles Times, two-thirds of 
the respondents said they thought the Clin- 
tons were guilty of some wrongdoing, and 
half said they thought the White House had 
concealed damaging information — all be- 
fore Mr. Leach spoke. 

But the Times poll also showed that four 
of five Americans rfynk dm Whitewater af- 
fair is disrupting the government’s effective- 
ness. The prescient and Ids advisers clearly 
dank that this finding , at a time when the 
public seems to want action, can be turned to 

advantage. 

Mr. Clinton held this week’s prime-time 
press conference, only the second ofhis ad- 
ministration, to try to regain the offensive, to 
turn people’s minds back to health care, 
crime ana other issues, but Mr. Leach pre- 
vented that. 

The press conference was about 
Whitewater, and the president Indeed belea- 
guered, although he was still a scrappy de- 
fender of his and his wife’s ethical sensitivity 
and commitment to public service. 

“Since we came here, onr country has been 
moving in the right direction," be said, listing 
issues he has driven to the top of the national 
agenda and bills he predicted Congress 
would pass this year. 

He argued that Whitewater would ulti- 
mately matt er little “in the light of history" 
compared with “the fact that by common 
consensus we bad the most productive first 


year of a presidency last year of anyone in a 
generation." 

The While House strategy is to portray 
Mr. Clinton as the high-minded statesman, 
concerned for the nation but harassed by 
Republicans acting out of the basest of mo- 
tives and by the equally selfish, headline- 
hungry news media. 

The Easter Congressional recess, which 
be gin s this weekend and runs through April 
• 1 1, now looms large for Mr. Clinton. While 
he takes a brief vacation in California and 
works on his regular-Joe image by attending 
University of Arkansas basketball games, 
the denizens of Capitol Hill will be busy 
taking soundings back home. 

Already, many are worried, especially 
Democrats, fearful of heavy losses in No- 
vember. Their apprehension is pushing them 
ineluctably toward the hearings they have so 
strongly opposed. 

Senator Bob Dole of Kansas, the Republi- 
can leader, said be expected hearings soon, 
probably by June, and many Democrats are 
starting to argue that it would be better to gel 
them out of the way. 

The trouble is that few in Congress even 
pretend to know the truth about the charges. 
As Ted Van Dyk, a longtime Democratic 
strategist, said this week, “No Congressional 
Democrat wants to dispute charges made 
a gains t the Clintons only to find the follow- 
ing day that they are true or that new ones 
have surfaced.” * 


An Outspoken Goldwater Now Outrages the Right 


By Timothy Egan 

New York Tunes Service 

PHOENIX, Arizona — When he 
said government had no business 
trying to outlaw abortion, some 
, people told him to retire from poh- 

tics. 

When he spoke out in favor of a 
new Phoenix law protecting homo- 
sexuals from discrimination, and 
said they should be able to serve in 
the military, that got him in more 
trouble. 

And when Barry Goldwater, for- 
mer senator and an Arizona institu- 
tion who has been ranked with the 
Grand Canyon among this state’s 
icons, endorsed a Democratic 
woman fra Congress over a self- 
styled “Goldwater Republican" in 
1992, he was called a traitor. The 
Democrat, Karan English, won. 

And since Mr. Goldwater said 
last week that Republicans in Con- 
gress should get off President Bill 
Clinton's back about the White- 
water affair, critics say the author 
of the “The Conscience of a Con- 
servative,” sometimes called the fa- 
ther of modem American conser- 
vatism, has become — dose your 
ears. Rush Limbaugh —a liberal. 

Calls have been pouring into Re- 
publican headquarters at the Barry 
Goldwater Center here, demanding 
that his name be removed from the 
building. Some Republicans say he 
does not deserve to have the high 
school in Deer Valley, the boule- 
vard in Scottsdale, the airport wing 
in Phoenix, or the engineering cen- 
ter at Arizona State University 
named after him. 

To hear some tell it, it is as if 
George McGovern suddenly decid- 
ed the Vietnam War wasn't such a 
bad idea after all 

‘The hero of America’s conser- 
vative movement is starting to 
sound like he’s lost it," said Sydney 
Hoff- Hay. president of the Lincoln 
Caucus of the Arizona Republican 
Party. “It’s sad, because toe name 




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Barry Goldwater is revered by peo- 
ple like me." 

Other Republicans are even 
harsher. 

“This idea that he’s Mr. Republi- 
can is a bundi of baloney," said Jay 
Nenninger. executive director of 
Arizona’s leading anti-abortion 
group. “He’s really becoming a 
joke." 

Mr. Goldwater denies any 
chang e m party stripes, and his 
supporters say many of his com- 
ments merely reflect long-standing 
libertarian beliefs. Asked about 
Republican criticism of Ms recent 
statements, he rallied. “You know 
something, I don t give a damn." 

Many Arizona Republicans sug- 
gest that Mr. Gddwater's recent 
remarks have been influenced by 
Ms new wife, Susan, a nurse 30 
years his junior whom he met when 
she visited his braise to take his 
Mood pressure. Critics also suggest 
he has been swayed by Ms grand- 
son, Ty Ross, who recently an- 
nounced that he is gay and has 
tested HIV positive. 

But others scoff at the notion 
that he is being manipulated. 

“I’ve known him well for 30 


ADVERTISEMENT 


years," said Dodie Lon den, chair- 
woman of the Arizona Republican 
Party. “He has never been afraid to 
speak bis mind." 

At 85, Mr. Goldwater uses a cane 
and a hearing aid, but he is still 
granite-jawed and has a bead of 
pure white hair. And according to 
his aide, Doris Beny, be has no 
major illnesses. To supporters, he is 
no less outspoken now than when 
he fust went to the Senate in 1952 
and went after unions. 

When he was the Republican 
presidential nominee in 1964. Mr. 
Goldwater was characterized as an 
extremist. He wore (he title proud- 
ly. proclaiming, in words that are 
perhaps his most famous, that “ex- 
tremism in defease of liberty is no 
vice; moderation in the pursuit of 
justice is no virtue." 

Those words are now evoked by 
gay rights advocates, who view Mr. 
Goldwater as a hero. 

“A lot of people who think of 
themselves as Goldwater Republi- 
cans do not know what it really 
means to be a Goldwater Republi- 
can,” said Tom Panicda, a framer 
UJ3. Air Force sergeant who was 
discharged last year after he pro- 


claimed his homosexuality. “He 
has always had a near libertarian 
stance on keeping government out 
of people's lives." 

At the time Mr. Goldwater wrote 
a letter on Mr. Panicaa's behalf to 
Senator Sam Nunn, the Georgia 
Democrat who heads the Aimed 
Services Committee and is opposed 
to homosexuals in the military. 

Similarly, Mr. Goldwater has 
been outspoken in favor of abor- 
tion rights, in his disgust over fun- 
damentalist Christians who have 
influenced the Republican Party, 
and other issues. 

The topper, for many Republi- 
cans. came last week when he sum- 
moned reporters to his house in 
Phoenix suburb of Paradise Valley, 
and in a press conference broadcast 
live in toe area, said Republican 
critics of Mr. Clinton's handling of 
the Whitewater real estate venture 
should “get off his back and let him 
be president.” 

Paradise Valley’s station KFYI, 
which caters to a conservative audi- 
ence. cut off the press conference 
after about IS minutes. Barry 
Young, the station’s program direc- 
tor and a talk show host, said on 


the air that Mr. Goldwater had 
become “an embarrassment." 

But to many supporters, Mr. 
Goldwaler’s recent statements are 
□ot all (hat inconsistent with past 
remarks. He always championed 
personal liberty and minimal gov- 
ernment interference in people’s 
lives, they say. 

“I don't think Goldwater has 
moved to the left so much as the 
Republican Party has moved to the 
right," said Peter Crazier, a physi- 
cist at Arizona State University 
who is a leader of the gay rights 
movement in Phoenix. 



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Page 4 


ANC Backers Rally in Durban 

100 , 000 , in Zulu Area, Join Pro-Vote March 


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DURBAN, South Africa — 
About 100,000 supporters of the 
African National Congress 
marched through this port cuy cm 
Friday in what the movement 
called an unmistakable signal tfrat 
Zulus want to vole in next month’s 
election. : 

Businesses dosed and hundreds 
of police lined streets in central 
Durban. There were no reports of 
clashes and no sign of the rival 
Inkatha Freedom Party. Inkatha’s 
leader. Chief Mangosnthu Butbe- 
lezi is refusing to take part in the 
April 26-28 elections for Sooth Af- 
rica's first post-apartheid govern- 
ment. 

This should be a clear indica- 
tion that the people of Natal think 
the time has come for them to vote 
and to put in the government of the 
people,” the ANC leader in Natal 
Province, Jacob Zuma, said after 
the largely peaceful march. 

Natal and tire enclaves of the 
KwaZulu black homeland within 
the province have been the scene of 
some of the worn of (be political 
violence in which 15,000 blades 
have died nationwide in the last 
four yean. 

Much of the tolling has pitted the 
African National Congress against 
Inkatha. Both have wide support in 
the region. 

The police and ANC organizers 
said the march was orderly except 
at one point when hundreds of 
youths brandishing spears, hatch- 
ets and knobbed sticks surged past 
monitors. Urey smashed at least 


two shop windows, knocked over 
trash cans and hurled a firebomb 
onto a train trade. Marshals later 
brought them under control. 

The police reported no arrests, 
but said a man was slightly wound- 
ed ai (he start of the march. Hun- 
dreds of police were stationed 
around the paralyzed city center. 

fnlmiha said the march failed to 
prove that most Zulus supported 
participation in the election. 

"They failed miserably to 
achieve their mandate,” said an In- 
Vatba spokesman. Ed TDlet- Tt 
would be premature to gloat and 
sayit went wdL” 

The ANC regional chairman in 
southern Natal, Jeff Radebe, read 
out a memorandum to tire multi- 
party Transitional Executive 
rVguTral demanding the right to 
free and Mr elections in Natal 
The ANC together with an the 
democratic forces in Natal resolve 
to embark on unprece de nted mass 
action until all these demands are 
met,” the memorandum said. 

The Independent Electoral 
Commission, winch is responsible 
for ensuring that free political ac- 
tivity is allowed before the election, 
said Thursday that Chief Butoefe- 
zfs KwaZulu administra tion was 
placing obstacles in the way of 


to tire 

transitional council, which is over- 
seeing the transition to democracy, 
repeated <femand.< that the South 
African Army and a joint National 
Peacekeeping Force be deployed in 
the region to maintain law and or- 
der. 


President Frederik W. de Klerk 
said Thursday that he would rein- 
force troops and police in Natal 
and was seeking a meeting with 
Chief Buthclezi to try to persuade 
him to accept the elections. 

The ANC leader, Nelson Man- 
dela, has asked for a similar meet- 
ing with the Zulu king, Goodwill 
Zwdithini, who is Chief Buthdezf s 
nephew. 

Mr. de Klerk has sent troops into 
two other black homelands. Gskei 
and Bophutbatswana, to take con- 
trol as the apartheid system under 
which they were created crumbles. 

The Gskei leader. Brigadier 
General Oupa Gqozo, resigned 
Tuesday amid strikes and a rebel- 
lion by his police. 

KwaZulu police have been ac- 
cused of operating hit squads 
against ANC supporters, and sev- 
eral ANC deepen workers have 
been lolled in the region. In the last 
two weeks, Zulus have twice taken 
over stadiums where ANC support- 
ers had planned campaign rallies. 

The bulk of Inkatha’s support 
comes from Zulus, (be nation’s 
largest ethnic group. But many Zu- 
lus support the African National 
Congress. The ANC which is ex- 
pected to win the April vote, plans 
to reincorporate KwaZulu and all 
other black homelands into South 
Africa. 

Chief Butbelezi says the Zulus 
need an independent state to pro- 
tect their culture from extinction 
under an ANC government. 

(Reutov, A?) 



EjmI Wantmfcj/ncAaoriAedPu 

Palestinian women passing an Orthodox Jew on the way to Friday services at one of the mosques on the Temple Mount in East 
Jerusalem. Israelis were p re p arin g for the Passover holiday, winch begins Satratfay night, hi an atmosphere of tension and tight seenrity. 

ISRAEL: Signs of Anxiety Mark Preparations for the Passover Holiday 


CLINTON: President Releases More Tax Records 


Continued from Page 1 wrenching morality plays are 

staged with disturbing regularity, 
stop the past from consuming his the back-to-back appearances of 
presidency, defending himself the soft-spoken Republican inquis- 
againstnew Republican allegations itor and the telegenic Democratic 


in the Whitewater affair. 

He urged Americans to let him 
get beyond the spiral of financial 
and ethical questions so that he 
could take advantage of a "rare 
moment” to pursue “the real work 


idem made for a dramatic, 
-wire clash. 

The president used the opportu- 
nity of his East Room news confer- 
ence to defend his wife; Hillar y, 
against suggestions that her legal 


• we are getting done on behalf of the record in Arkansas conflicted with 


Bt 

in 

Bt 

iu 

Dl 

Bi 

)f 

ig 

rr 

rt 


ra 

ai 

le 

>D 

ID 

l£ 


American people.' 

Mr. Clinton held the second 
prime-time news conference of his 
presidency Thursday to try to re- 
capture his present and future, re- 
viewing what he considers his ac- 
complishments and saying of 
Whitewater: "None of this, in the 
light of history, will be as remotely 
important as the fact that by com- 
mon consensus we had the most 
productive first year of a presiden- 
cy last year of anyone in a genera- 
tion. That’s what matters — that 
were chang in g people’s lives.” 

The president’s calm defense 
came only a few hours after Repre- 
sentative Jim Lea c h, a Republican 
of Iowa, went to the House floor to 
offer documentation of ethical and 
financial misdeeds in connection 


his role as governor. 

These kinds of thing s happen 
when you have married couples 
who have professions,” he said. 

Althoujpi his attempt to hold a 
hearing on the Whitewater affair 
Thursday had been stymied by 
House Democrats, Mr. Leach 
nonetheless handed out the docu- 
ments that he had predicted for 
weeks would embarrass the White 
House. 

“On the landscape of political 
scandals, Whitewater may be a 
bump, but it speaks mountains 
about ore-generation public ethics 
as well as single-party control of 
certain states and the U.S. Con- 
gress,” Mr. Leach said. “In a nut- 
shell, Whitewater is about the arro- 
gance of power — Machiavellian 
with Whitewater and to accuse the machinations of single-party gov- 
administration of a cover-up that eminent.” 

“flagrantly violated” the indepen- He made several accusations 
dence of regulatory agencies. that tried to raise the stakes of the 
Even in Washington, where Whitewater affair by demonstrat- 


ing wrongdoing by current office- 
holders and tracing a line of mis- 
deeds that brings the old real estate 
deal into the present. 

He said that Whitewater may 
have began as a legitimate real es- 
tate venture, but “it came to be 
used to skim, directly or indirectly, 
federally insured deposits from an 
S&L and small business corpora- 
tion.” 

He also claimed that taxpayer- 
guaranteed funds “were in all like- 
lihood used to benefit the cam- 
paign of a former governor.” 

Mir. Leach said Treasury officials 
tried to pressure federal investiga- 


Contmoed from Page 1 

security force has been doubled, and guards are 
ordered to be extra (borough in checking parses 
and bags. Some rabbis have urged worshipers 
not to hnger in groups outside synagogues, just 
in case: And Israelis planning trips abroad 
received advice from newspapers on how to 
play it safe, including tips Eke ref rain 'mg from 
loud conversations in Hebrew. 

None of this means normal fife has stopped. 

As usual, hotels are packed with holiday 
travelers from abroad. As usual Israelis ap- 
proached the traditional Passover meal the 
seder, with a mixture of looking forward to time 
with the family and dreading it As usual laige 
rmmbos headed fra 1 the exits, including many 
who commemorate the andent Hebrews’ Exo- 
dus from Egypt by going back there for vaca- 
tion. 

But the routine cannot chase the long shad- 
ows cast by the Hebron Idler, Baruch Gold- 


stein. A month later, disputes persist about 
whether rabbinical authorities have condemned 
him with sufficient vigor, or whether they have 
been inclined to say, “Yes. but” — yes. what he 
did was terrible, but one must understand what 
drove him. 

The discussion resurfaced this week when the 
Ashkenazic and Sephardic chief rabbis asked 
the government to let several radical settlers, 
arrested as threats to public order for advocat- 
ing anti-Arab violence, go borne for rite holiday 
because they are family men. 

Unmoved. Police Minister Mosbe Shahal 
said no. But the rabbis’ efforts agitated some 

Jsrariis 


The unmistakab le meaning of the chief rah- 


Fanning passions were recycled remarks 
once made by a rabbi at Dr. Goldstein's settle- 
ment of Kiryat Arba. Supporters say that Rab- 
bi Dov Lira's statements were taken out of 
context, and had been uttered 14 years ago after 
six Jews were killed by Arabs in Hebron. None- 
theless, when they arose anew this week, they 
hit many Is raelis like a swift left jab and fueled 
the arguments. 

“Because the Gentiles have attacked us, we 
have the right to revenge, and there is no 
restriction on innocent people,” he said. 

There is no doubt that committing acts of 
revenge against the Gentiles is a mitzvab,” a 


bis* request is that concern over the j 

that Vu rUh hfllftm nngers might miss 1 

Seder morally outwdgjis the enormity of their 
open support for Goldstein and his heinous 
act.” Yosef Goell wrote in The Jerusalem Post 
on Friday. 


That was going too far for Rabbi Yehuda 
Anntal who heads a yeshiva in another settle- 
ment , Alloa ShevuL “Revenge runs counter to 
Judaism,” be said. “Revenge is op to God, and 
only He knows when, where and against 
whom.” 


MEXICO; Slayer of Candidate Remains a Mystery YELTSIN; 


Continued from Page 1 


Tijoana hospital The limited infer- 
iors in Kansas City into agreeing to aboul thc assassin only fu- 

get the Clintons “off thehoolT by ded inuase roeariation at a time 
telling Mr. Fiske that there was no whm P<*tica] infighting, drug wars 


connection between Whitewater 
and Madison Guaranty, a failed 
Arkansas bank owned by the Clin- 
tons’ business partner. James 
McDougaL 

Mr. Leach said that the adminis- 
tration also tried to coordinate the 
testimony of the Kansas Gty inves- 
tigators before they talked to the 
special prosecutor. 

Mr. Clinton denied any possible 
i mpr o p er contacts between admin- 
istration officials and regulatory 
officials. “1 can tdl you categorical- 
ly I had no knowledge of this and 
was not involved in it in any way, 
shape or form,” he said. 


and a new insurgency are giving 
rise to elaborate rumors. Doubts 
are quickly growing that full an- 
swers will ever emerge. 

Mr. Colosio, as the candidate of 
the governing Institutional Revolu- 
tionary Party, was expected to suc- 
ceed President Carlos Salmas de 
Gortari The election is scheduled 
for Aug. 21. Party sources said a 
replacement candidate was unlike- 
ly to be chosen until after Easter, 
April 3. 

The constitution bans a candi- 
date from holding a senior govern- 
ment job for six months before the 
election. With the election five 
months away, that role would 


mop that members of the cabinet 
— the source of every president the 
party has produced in its 65 years 
of power — are ineligible. 

Mentioned as possible replace- 
ment candidates are Fernando Or- 
tiz Arana, 49, the party chairman 
and a member of Congress, and 
Ernesto Zedillo, an economist who 
had been managing Mr. Colosio’s 


the intention of using it in the acts A pi^nv Pfnt 
that we are investigating.” A r 


RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS INTERNATIONAL Ct-BJR- 
CH HetdawmhaBonal ft EvanouBcal Sun- 
dq/ Saras 1030 am. I Kite Vfefcome. Da 
CwratoMt 3, s. Amsterda m Mo. 02940- 
15316 or 02503-41399. 

FRANKFURT 


FRANKFURT 

CHURCH OF CHRIST THE KING 
rGmnv*n9& 
r 1046 am. 
,Goma- 

IV. U1.R, 3 MqueMteaTeL 4869 55 01 84. 

GENEVA 


nar Sfr- 89. L roartwHolh ain. u® you* 

Sia" 0 "* 

r, 20ft March. 



SMANUS- CHURCH, 1st 3nl & 901 Sun. 10 
aj». Eucharist a 2nd 4 49i Sun. Mwnfng 
ws.Su*- 


M 

I? 

JO 

~tr 


£ 

!°i 

m« 

r?' 

J<! 

% 

3 

_T 


AIL SAINTS CHURCH Mngfcant 
dung restoration met stVHe I 
Miana in »» Chapel or f» Osofes I 
Holy Communion Sundays at 1030 and 
WBiwalay * 1*30. Suicfey School, YoUh 
, Cradle, Cofce, duty gmupa, and 
j actives. 41 welcome! Cal 

16551 

MUNICH 

NTStNAHONAL OOMMUMTY CHURCH, 
Evaxjofcal, Bfcte BeSavftg. services h BmI- 
i*i 4:15 pm Sundays: d Enhubw Sr. 10 flfe 
Theresienstrj (069) 3 4574, 

MONTE CARLO 

INTI. FELLOWSHIP, 9 Bus Louto-Notsrt, 
Sunday WofBhip 11:00 &' 6 p.m. 
TeL 92.165600. 

PARIS and SUBURBS 

HOPE INTERNATIONAL CHURCH (Ewn- 
’ . Sut 930 am. Hotel Orion. Metro 1 : 
da La tMtansa. TeL- 47.7333L54 
or 47.75.1 427. 

SAINT JOSEPH'S CHURCH (Roman 
CathoGc). Masses Saturday Evening 630 
p.m., Sunday, 9:45, 11:00, 12:15 and 
6:30 p.m. 50, avenue Hoche, Paris Oh. 
ToL &272&5B. Metro: Oates da Getle - 
Bole. 

STRASBOURG 

ST. ALBAN (Andean) at lEgfeedes Domrt- 
cffliB. Eudharisl 1030 am. comer Bhd. de Is 
Vieloire & me de rUrfversiM, Strasbourg 

(33)88350340. 

TTRANE 

WTERNATIONAL PROTESTANT ASS0A- 
BLY, hterctenonrefanal & EwrgefcaL Ser- 
vices: Sun. 1030 am, 500pm, Wed. SOD 
pmRrugafc^sfym ShyiL TeUFax 355-42- 

TOKYO 

ST. PAUL WTERNATIONAL LUTHERAN 
CHURCH, near Ndabashi Stn. TeL- 3261- 
374a Waihp Service: 930 am StrdayB. 

TOKYO UNION CHURCH near Omdesan- 
leL 34000047.1 


MUNICH 

THE CHURCH OF THE ASCB4SI0N, Sun. 
11:45 am Hd&r Euchnfct and Stndnr School. 
Nurawy Cam prodded. Seytx*hs6esae 4, 
61545 Minch (HartacKng), Germany. TeL: 
4098649185. 

ROME 

ST. PAUL'S WTHN-THEWALLS, Suv 830 
am Hdy EudwW Rte 1 1030 am. Choral 
Bidatst Rte It 1030 am. Church School lor 


WATERLOO 

ALL SANTS' CHURCH 1st Sun. 9 & 1138 
am. Hohr Eucharist elh CNUsrifc Chapel si 
11:15. AI after Suidns 1735 am 
Charts ard Smday School 563 Chauseea de 
lauwi\Ohah.B0^TeL3a238MSR 

WIESBADEN 

THE CHURCH OF ST. AUGUSTVE OF CAN- 
TERBURY, Sun. 10 am. Famiy Eucharist 
FtanHuter Strasse 3, Wiesbaden, Gmvmr. 
TeL - 49611 3066.74. 


BULGARIA 

INTERNATIONAL BAPTIST CHURCH. 
&*a, Qand Nnxho Sobrato Sana W»- 
shfp ii:00. Janes Duke, Pastor. 
TeU 704367. 

CELLE/HANNOVER 

INTERNATIONAL BAPTIST CHURCH, 
WhdnsABO Strnssa 45. Cab 1300 Woohlp, 
1400 Bfaie Study, PasfcrWerf Camptefi, Ph! 
<06141)46416. 

DARMSTADT 

DAmBTAOT/EBERSTADT BAPTIST MS- 
SJOJ. Bfcle study a WcraHp Sunday 1030 
am tt a dwba io n Oa€be«teriL Bueadhshtr. 
22 , Bbla sMy93a mrship 70:45. Pastor 
JhlW«*.TeL 061556009216. 

dOsseldorf 

WTERNATIONAL BAPTIST CHL^CH En- 
Sfeh. 10D0, nwBhip 11:05. CMdwft 
dwrch end rueera. Meets et fte Wsmsiorel 
School. LBuditeit u uaKWiweg2J>Kai- 
eerewerth. Fnendy fefcwsh^. A» d snomha- 
(tons we (come. Dr. WJ. Delay, Pastor. 
TeL- 021 WO0 157. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FELLOW- 
SHIP ~ ' 

Sodena dr. 

neltoc 06173-6Z72B senring ! . 

«d Tauvs areas, Germany. Sunday wor- 
st%> 00)45, nuraaty +• Suntfa^schod 701)0. 
woments bUe stuSes. Howetyoups - Suv 
d ay + Wednesday 1930. pastor M. Levey, 
mentw Euopean Bepliet Corwerficn. "De- 
efcre Hb glory amongst rienaficna.* 

BETHEL INTERNATIONAL BAPTIST 
CHURCH, Am Dadebwg 92, RnMst aJA 
Surfaywoiahip 7 100 am and 000 pm. Dr. 
Thomas W. Hi, pastor. T« 


UNITARIAN UMVBSMUSTS 


UNTTAWW UNWetSAUST fclowsHpe & 
centaasr Europe kidudK 
■MCaONA; (039 3149154. 

* : TeL (02) 6500226. 

: ?361 28) 72109- 
: (022)7741596, 

(06221) 78-2001 or (0621) 

5B17ia 

: (061) 6914771a 
! (0821)4764-86. 

r(U7l)14-09Ba 

NURNBERCUFItANCONIA: (0011) 
46 7307. 

MM (1)42-7766-77. 
z ura c u f— nm ni uit <052)2137333. 
VflOK (4^ (821)68-1718 


ASSOC OF INTI CHURCHES 
IN EUIOPE & MDEAST 


EUROPEAN 
BAPTIST CONVENTION 


do subway sta- TeL : 
vices Sunday 830 & 1130 am. S3 «t 9^5 
am 

VIENNA 

VENNA CHHST1AN CENTEFL A CHARS- 
MAT1C FaiTJWSHP FOR VtEWiA'S IN- 
TERNATIONAL COMMUNITY, • Engflsh 
Language * TruwdenomftEBaneL meets at 
HatogeseB 17, 1070 Voma 600 pm Every 
S uneay, EVER YON E IS WELCOME For 
more notmaScn cat 43-1-318-7410 


BARCELONA 

FAITH FELLOWSHIP INTERNATIONAL 
meets at 1600. Bona Nova Bapdst Chuch 
Oaner de la CUM de Salaguer 40 Pastor 
Lance Banjan, Ri.410-1661. 

BERUN 

INTERNATIONAL BAPTIST CHURCH. 

BBW Rothenbug Sfe 13. (T 

study 1045) wushD it 1230 1 
Charlea A. Wwfart, Pastor. TeL 000-774 
4670. 

bonn/k 6 ln 

THE NTBWA1KMAL BAPRST CHURCH 
OF BOfWWXN. Hheftau Straaee ft KOK 
Wor ship 1.-QQ pm CaMn Hogue, Pastor. 
TeL: {02236} 47021. 

BRATISLAVA 

BUe Study ki&s*h 

Palsady Bapdst Chuch ZtMofto 2 1630- 
1745. 

BREMEN 

NIEMAHONAL BAPTIST CHURCH I 
Evwgetoh-fii 


HAMBURG 

INTERNATIONAL BAPTIST CHURCH 
OF HAMBURG meets at TABEA REST- 
SAAL, AM (SFELD 19. 


Sund^. 


BBttiN 

AMERICAN CHURCH IN BERLIN, cor. ot 
Oaf Alee & Potsdtemer Sb, SS. 930 am, 
WtorsWp 11 am TeL 09061 320ei. 

BRUSSELS 

THE INTERNATIONAL PROTESTANT 
CKJRCH OF BRUSSaS. Sunday School 
930 am and Chuch 1 045 am K^tenbem. 
19 (at the Int. School). TeL: 673.0531. 
Bus 95. Tram 94. 

COPENHAGEN 

WTERNATIONAL CHURCH of 

27 Fa vemada. Vertov, near RAdhus. 
1015* VOfenhteJ 1130 TeL 31 S»78a 
FRANKFURT 
TRMTY LUTHERAN CHURCH, Nbekran 
Alee 54 (Across from Sugar HospU), Su> 
“ ' worahip 1 1 am l et: (DCS) 


U AM (SFELD 19, HambumOeWort EV. LUTHERAN CHLBCH of Geneva 20 
Shriyr8lliao& Worehip el fejOeach me Vtardate. Sundey worship 93a h Ger- 

^r. TeL 040820616. man 1130 iiErtfsh. Tat (022)3103039. 


THE EPISCOPAL CHURCHES 
OF EUROPE (AngEcon) 


f UMIuTr 


the Bunion 
D.WbFbt, pastor. 


Sir. (around fta comer from 
‘ ' 1730 Ernest 
04791-1 


PARIS and SUBURBS 

THE AMERICAN CATHSJflAL OF THE HO- 
LY TRWmr. Sul 96 11 am iouiSuv 
day School far chBdren and Nuisaty cane. 
ThW Surety 5 pm Evensong. 23, avenue 
GeoigeV, Pais 75006 TeL 331 47201792. 
MstrtE Geoga V or Alma Mercesu. 
FLORB4CE 

ST. JAMES' CHURCH, Stn 9 am F&e l ft 
1 1 am RHe II. Via Bernardo RucaHai 9, 
5012a Rarence, tafy. TeL 3955 29 44 17. 


BUCHAREST 

INTERNATIONAL BAPTIST CHURCH, 
Sheds Pope Rusu 22. 330 pm Cdr*« Bl 
RUwfaon, TeL 01041-61. 

BUDAPEST 

knemasm 
bnehanaanoe , 

fa Aid ta t a cancel. 1030 Bfcfe study, t 
pm Pastor Bob Zbndai TeL T1561T6. 
Reeded by he 11. 


TeL 04Q620616. 

HOLLAND 

TRWFTY BAPTIST SS. 93Q, WonHp 1030. 
nursery, warm Mlowship. Meets at 
BJoamcamplaan 54 in Wasaenaar. 
TeL 01751-73024. 

MOSCOW 

INTERNATIONAL BAPTIST FE1LOWSMP 
Meeting 1100; Kno Carter Buktog IS Dne- 
^uzhrmtovefcaya UL5ft Root, Hal 6. Meta 
Staflon B Had wya Pastor Bral Sbrney Ph. 
<09^1503293. 

MUNICH 

NTERNATIONAL BAPTIST CHURCH OF 
MUMCK Hobstr. 9 Ernfeh Language Ser- 
vtees. BBSe study lOfflO- WtoraNp Santos 
iTOa PastorS phena 6606534. 

PARIS and SUBURBS 

SMMAWJB. BAPTIST CHURCH, 66 Ftoe 
das Bons- Raisins. Rusl-Mdmaisan. An 
EsengaBcd chudi tor fta Engfeh y e rf dng 
community located in the western 
wtufaa&S. 945; WanHE 10HS. 0**errti 
Chudi mNusuy.Ycuftmntotriee Dr. BC. 
Thomas, pastor. Call 47.51-29.63 or 
47Aa.1529tarwfcrmefan. 

PRAGUE 

jntoewfiond Bapfist Fdbwstto meete at fte 
Czech Baptist Church Vinofradsta 9 68. 
Prague 3. At metro stop Jrtmz Podetrad 
Sun day ajn. 11. -00 Pastor. Bob Ford 
(02)31 10693. 

WUPPERTAL 

Hu a fen a l Baptet Chudi. Enqfeh. Ger- 
man. Pwsiwi. worehip 7030 am. Seawsa. 
21, Wtppertd - Rh er W d. Al dmu iaB t iona 
welcome. Ha ns -Dieter Fraund, pastor. 
TeL 03334^6384. 

ZURICH 

INTERNATIONAL BAPRST CHURCH of 
WBderewl (ZQrtch}, Stdzeriand, Rosenberg- 
strasse 4. Worship Services Sunday 
mornings 1130Q. TeL 1-7OTS12. 


GENEVA 

EV. LUTHERAN CHURCH erf 
rue Verdana Sunday worship 930. In 
man 1 130 ii Enpfeh.T6t (02?) 310L50B9. 

JERUSALEM 
UJTHBWN CHIMCH ottra Redaur«r, CW 

CXy, Murtatan Rd. EngSsh worship Sul 9 

am. Al am wetoomaw (02)261049 

LONDON 

AMERICAN CHURCH in London al 79 Td- 
terhem CL Rd WL Wordiip at 9X0. SS d 
10X0 am. Sing worship d 11 am Goodge 
SLTiAecTet 071-6502791. 

0510 

American Lufteran Chudi, Fr fanw ggL 15 
Worship ft Sunday School 10 ajn. 
TeL $3^443534. 

PARIS 

AMBVCAN CHURCH PM PARIS. Wbrstfe 
11X0 am 65. Quai dOomy. Paris 7. Bus S 
atdQor.Maao A fc nn M aen s u orln W d os . 
HCLY WSC SERVICES Meurdy _ 
31GB4 730 pm A Service at Musk & 
G o mm ufe n. Haydn’s *Maes Timeof .._ 
perfarmed bv fte Ch*. Eastor Dawn 03<4«4 
8X0 am Service of Resurrection 03/4/94 
11X0 am 

STOCKHOLM 

IMMANUEL CHURCH, Worship CMst hi 
Swedish, EngBeh, or Korean. 11X0 am 


VTHMNA 

VONA CO MMUNTTY CHURCH. Suiday 
worship In English 11:30 A.M.. Sunday 
school, nusery. W e mu B o nal, al denomhe- 
tone wfaama DoroCwagesse 16, Vienna 1 . 
WARSAW 

WARSAW INTERNATIONAL CHURCH, 
PiotoeiartEn^ahlwiHUBgB mm n t ri n i n ASun- 
days 11X0 am (Sept -May), 10 am <Ju«- 
Aug.): Sunday School 936 (Sept+toV) UL. 
Mbcfcwa 21. TeL- 43-29-70. 

ZURICH 

NTERNAT10NAL PROTESTANT CHURCH 
EngEsh ureafcftg, wortatsp service. Sutter 
School ft Nursary. Sundays 11X0 am, 

»Jwr« HpvBB g<Tis-fl 7 t] g 6 ggPS , 


Mexicans dealt with the 
shock erf the coon tty’s worn politi- 
cal assassination in decades, Mr. 

Kalina^ in an unti r mncemBi t in- 
tended to temper growing fears 
about Mexico’s economic and po- 
litical stability, said Mexico had 
achieved a long-standing goal join- 
ing the Organization for Economic 
Cooperation and Development 

“Membership of the OECD will 
give Mexico greater presence 
among industrialized nations, par- 
ticularly in Europe,” he said. 

Regarding the assassination, Mr. 
Valades said the authorities were 
confident that the man in custody 
was the one and only gnnman. He 
said the gunman bought a Brazil- 
ian-made 38-caliber Taurus re- 
volver “a number of weeks ago with 


Officials in the United States 
said the weapon was bought at a 
San Francisco store in 1977, bat 
would not say who bought h. An 
investigation is bong conducted to 
detennmehowand when the weap- 
on reached Mexico. 

The gunman's neighbors said 
they found him unremarkable, a 
single man who minded his busi- 
ness and had few viators. 

“He was a serious guy. a little 
reclusive,” said Valentin Davalos, a 
24-year-old driver who fives across 
the street “He kept his feelings to 
himself.” Asked if Mr. Aburto had 


Contimied from Page 1 

we realized this from the very be- 
ginning.” he said. 

The episode, despite its f area cal 
and still-confused aspects, revealed 
the frayed nerves and sdf-doubts 
of Russia's democratic structures. 
It also showed that the Russian 
press, freed from the restrictions of 
Soviet censors, has in some in- 
stances not yet derided to restrain, 
itself with notions of responsibility 
or truth-seeking. 

Acting Prosecutor-General 


Israel Lilts 
Curfew as 
As Talks 
Progress 

By David Hoffman 

Washington Pan Service 

JERUSALEM — Israel on Fri- 
day lifted the monthlongairfew on 
Hebron as Israeli and Palestin ian 
negotiators reported progress to- 
ward setting up a limited interna- 
tional guard force in the city. 

Inside Israel a Jewish settler 
gimnaH down an Arab truck driver. 

The curfew, the longest imposed 
in the Israeli-occupied territories 
since the 1991 Gulf War, had beat 
in effect since the Feb. 25 massacre 
of at least 29 Muslim worshipers at 
the Tomb of the Patriarchs m He- 
bron. 

Tensions have been building in 
the city as residents were barred 
from jobs and schools during the 
curfew, which was eased only brief- 
ly to allow people to buy food. 

The army said it was sending 
2,000 troops into Hebron to protect 
Jewish settlers, and troops have re- 
cently sealed off a main street to 
form a security barrier around 
some of the settlers. About 400 
Jews live in the middle of Hebron, 
which has an Arab population of 
100,000, and another 5,000 Jews 
live in the adjacent Jewish settle- 
ment of Kiryat Aiba. 

Pales tinians observed a general 
strike throughout the territories 
Friday while mourners gathered in 
Hebron to pay tribute to four Pal- 
estinians, including three Islamic 
guerrillas, who were killed in a two- 
day firelight with Israeli troops. 

The fatal attack Friday on the 
Arab truck driver occurred on a 
road between Hebron and the town 
of Kiryat Gat, inside Israel's pie- 
1967 borders. According to the po- 
lice, a Jewish settler, Daniel Dur- 
any, 42, of Adura, a Jewish 
settlement south of Hebron, 
opened fire on the driver. Salmi 
Hassan. 34. of Hebron, who died a 
short time later. 

Israeli television reported that 
Mr. Durany was seeking revenge 
for the killing of his brother Albert, 
a border policeman, about a year 
ago. Mr. Durany telephoned the 
police and surrendered after the 
attack.. The police said they found 
an Uzi machine gim and ammuni- 
tion in his possession. 

Meanwhile, Israeli officials re- 
ported to Prime Minister Yitzhak 
Rabin an talks this week in Cairo 
with Palestine Liberation Organi- 
zation negotiators. The Israelis ex- 
pressed optimism that full-scale ne- 
gotiations would resume on 
Tuesday on implementing the 
Gaza- Jericho -peace accord, but 
PLO officials were more cautious. 

The discussions in Cairo focused 
on setting up a lightly armed inter- 



Alexei nyusheiiko announced 
been politically active, Mr. Davalos Monday that he would investigate 

laughed and said, “He’d rather the affair and, if the docin^it S 

resolution denouncing the massa- 


drink. 

The only visitors the neighbors 
recalled were men who arrived in 
two cars with California license 
plates, possibly relatives. The attor- 
ney general’s statement quoted Mr. 
Aburto as saying be had four 
brothers in the United States. 

Doubts surrounded even the lit- 
tle information the gunman offered 
about himself. 

(NYT, Reuters, AFP) 


SOMALIA; Last Marines Leave 


proved fictitious, consider suing 
the newspaper for libeL A spokes- 
man for the office declined on Fri- 
day to comment on the inquiry. 

“Version No. 1” alleged that sev- 
eral senior officials and apparent 
Yeltsin backers were p lanning to 
declare Mr. Yeltsin incompetent 
and call for early presidential elec- 
tions. Political observers in Mos-, 
cow, always delighting in the cot 
spiratorial, immediately began 
speculating about who had written 
the document and to what end. 

Another post-Soviet newspaper, 
Scvodnya, reported Wednesday 
that the document was faxed last 


Continued from Page 1 

he believed “the majority of Soma- 
lis wanted os to stay.” 

Just Thursday night, however, 
only 12 hours before tbe Ameri- 
cans’ final eat, a Marine shot and 
killed a Somali gunman who had 
been stalking Mm on the airport's 
perimeter, U.S. military officials 
said. 

As tbe Marines were boarding 
their ships and helicopters. Somalis 
looted the leftover American be- 
longings. Some Somalis were seen 
carrying electric fans, office chairs 
and wooden benches out of the 
airport gates. A UN military 
spokesman reported that another 
group of Somalis tried to loot tbe 
American radar facility at tbe air- 
field of furniture and supplies, until 


they were stopped by'Pakistam 
troops. 

Some Somalis expressed dismay 
at the American departure, seeing 
it as another sign that their country 
was bang abandoned tty countries 
that have the power to halt the 
suffering. Ahmed Hussein Fidow, a 
former Somali airline pilot who 
was at the airport when tbe Ma- 
rines landed in December, was also 
there to witness tbe eriL “It looks 
like the Americans are slipping out 
quietly,” he said. “It’s a strange 
way for a superpower to acL” 

In total 30 Americans were 
killed in Somalia from toe start of 
the intervention, and 175 wounded. 
In addition, there were six noocom- 
bat deaths, and seven soldiers were 
killed and one missing off the Ke- 
nyan coast following a crash tins 
month of an AC-130 Specter gun- 
ship. 


ere. 

According to Israeli officials, the 
two sides are discussing the cre- 
ation of a force erf 50 to 120 inter- 
national guards drawn from Nor- 
way and the International Red 
Ckoss. which would be issued side- 
arms. In addition, Israel and the 
PLO are discussing a unit of 50 to 
150 szmilaiiy armed Palestinian po- 
licemen. 

Although Israel in the past has 
resisted any kind of international 
force in toe territories, it has agreed 
to toe small guard force as a way to 


week. Vo virtuafty every major pnbli- jump start the Gaza- Jericho negoti- 
cation in Moscow. Sevodnya and *•* ’ — * 

others found much to be suspicious 
of in toe document and declared to 
print it 

“Obshchaya Gazela was toe first 
to show weakness,” wrote Sergei 
Parkhomenko of Sevodnya. Refer- 
ring to a Sunday television pro- 
gram, he added: “itogi was the next 
not to resist temptation, and on it 
wenL And so toe author’s under- 
taking succeeded.” 

The Friday edition of Obsb- 
chaya Gazeta reported that Mr. 

Pavlovsky had come forward and 
said that “Version No. 1” was a 
“working document” that be had 
composed from open sources and 
that had then been stolen from bis 
desk or computer and circulated by 
unknown hands. The newspaper 
said that Mr. Pavlovsky, “to our 
great regret,” is a member of the 
newspaper’s editorial council 


a lions, officials said. Tbe Israd- 
PLO accord signed last September 
included a provision for some kind 
of international presence in the ter- 
ritories. 

NabD Shaath, who led toe PLO 
delegation in Cairo, said that some 
differences remained, including the 
size of both the Palestinian and 
international forces. 

“There are areas of disagree- 
ment," be said. Mr. Shaath said the 
two sides had agreed on joint pa- 
trols and coordination, similar to 
the arrangement worked out earlier 
for law enforcement in tbe Gaza- 
Jericho region. 

Israeli officials said they believed 
the Gaza- Jericho talks would re- 
sume on Tuesday. But the PLO 
said in a statement issued in Tunis 
that the current discustions “are 
not a return to negotiations.” 


$ pk(i 


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NELLIE BLY: Daredevil, 
Reporter, Feminist 

By Brooke Kroeger. 631 pages. 
$27.50. Tones Books. 

Reviewed by 
Grace Lichtenstein 

N ELLIE BLY is a recognizable 
name on a tellingly meager 
list of early role models for female 
journalists. Bat what does anyone 
actually know about her? Very lit- 
tle. Until recently, if asked to name 
career heroes, many of us probably 
would have listed Brenda Starr be- 
fore Bly or any other real-life pre- 
decessors. 

Brooke Kroeger. a former Unit- 
ed Press International reporter and 
editor, was inspired at the arc of 10 
by a juvonle biography of Bly. Yet 
when she sought a similar book for 
her 10-year-old daughter, she dis- 


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covered that no one had ever pro- 
duced a full-scale adult biography 
of Bly, an indisputable pioneer in 
toe years around the turn of the 
century. This prodigiously re- 
searched book is toe result 
A tabloid star of toe first magni- 
tude, Bhr, whose real name was 
Elizabeth Jane Cochran, gained 
fame as the leading “stunt god” in 
an era when few bylines, let alone 
those of women, were weQ known 
by tbe American public. She was 
born in western Pennsylvania in 
1864 and got her initial training in 
Pittsburgh. She burst onto tbe New 
York scene in 1887 at Joseph Pulit- 
zer's World with a first-person ex- 

fum on Blackwell’s (now 
Roosevelt) Island off Manhattan. 
Bty successfully posed as a dement- 
ed i mmi gr a nt to get herself com- 
mitted for 10 days before revealing 
the gruesome details. 

although toe tactic of going un- 
dercover m order to get an inside 
scoop is no longer in favor, it 
served Bly and her successors very 
wdL She followed with one sensa- 
tional stunt after another, posing 
as, among other tluags, a domestic; 
an on wed mother and the wife of a 

manufacturer who was out to bribe 
a corrupt Albany lobbyist 


The stunt that assured Bly cf tab- 
loid immortality was her trip around 
the world in 72 days, undertaken in 
order to beat toe voyage described 
in Jules Verne's novel Her dispatch- 
es an route, including one describing 
ha- visit with Verne in France, set 
the stage for her trium phan t return 
before cbeering crowds at toe train 
statical in Jersey Gty and along 
Newspaper Row in New York. 

Wading almost article by article 
through the archives, Kroeger 
builds a case for Bly as more than 
just a plucky adventurer. She was 
also a talented interviewer who 
wrote revealing pieces, many of 
them exclusive, about leading fig- 
ures of toe period, from Susan B. 
Anthony to Emma Gol dman to 
Jack Dempsey. She covered inmoi;- 
tant events such as strikes ana po- 
litical conventions. And she man , 
aged to be in the right place at the 
right time — including Europe's 
Eastern Front at die start of World 
War! 


leader. Indeed, Kroeger finds evi- 
dent* of journalistic practices now 
scorned. Bly told a government 
committee she did not preserve her 
notes after publication of a story, 
and she allowed ai least one inter- 
viewee, John Jacob Astra; to read 
her story about him before she sub- 
nritted h to her editor. Perhaps 
these are among the reasons Nellie 
Bly usually fr not ranked in tbe 
pantheon of journalists. 

In arguing that Bly has not previ- 
ously been given her due, Kroeger 
overiooks several key works, in- 
cluding “Great Women of the 
ftess” by Madeira Golden Schlipp 
and Sharon Murphy and “A Place 
in toe News” by Kay Mills, both of 
which give Bly prominent mention. 
Still, Kroeger makes an imp r essive 
case for this mast famous stunt girl 
as a multidimensional feminist. 

Though long, “NeDie Bly: Dare- 
devil, Reporter, Fe minis t* is the 
saga of a woman who helped write 


an exceptionally colorful chapter in 
Some of her ideas seen outland- American newspaper history. It’s, 
ish today, such as her proposal to ^ finally getting to know ber. 

reouit women as officers to le ad 

troops into battle during toe Grace Lichtenstein, a former New 
g>amsh^MricanWar. However, York Times reporter and the author 
m the heyday of yellow journalism, of six books, wrote this far The 
sh! was appamtty kMdto- Washingmk™ "si"™ 




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Page 5 



U.S. Moves to Ban 
Smoking at Work 


CcnpM by Our Staff From ft,*,** 

WASfflNGTON-Tbe^. 

pent on Fnday proposed asweep- 
mg ban on smoking, in the work 
place, •»*'»— •*--? .... Vlt 



tobacco^e.™^ u ‘ driftin8 

Jpves wU be saved, health care 
costs reduced and productivity in. 
ceased,” said Labor Secretary 
Robert B. Reich. y 

Millions of workers will benefit, 
he said. 



6 mfflion job sites, including indus- 
tral plants, restaurants, offices and 
other commercial buildings. 

The smoking ban is included in a 
proposal aimed at broader im- 
provement of air quality in the 
workplace; 

Ji is expected to be revised in the 
commg months after a period of 

S ic comment. Official* said a 
rule probably would oot take 
effect until late 1995, at the earliest. 

The regulation would require 
that all employers designate a sepa- 
rate snwiriag area in a place with its 
own ventilation system. 

The Labor Department estimat- 
ed that the smoking restrictions 
would cost industry about $6.6 bil- 
lion a year, but Mr. Reich said they 
also is expected to produce $15 
billion in benefits because of im- 
proved worker productivity. 


The Environmental Protection 
Agency released a study last year 
showing the dangers of exposure to 
second-hand smoke, but 
the Occupational Safety and 
Health Administration is the only 
federal agency that has the author- 
ity to regulate smoking at work. 

A dm i n i s tration sources said that 
while employers with 10 or fewer 
workers usually are exempt from 
standards set by the Occupational 
Safety and Health Ad min istration, 
the proposed restrictions would ap- 
ply to all indoor work sites. 

Twenty states have adopted reg- 
ulations governing smoking, but 
Washington is the only state with a 
workplace ban in effect, according 
to the Tobacco Institute. 

The head of the Food and Drug 
Administration, Dr. David A. 
Kessler, charged Friday dial the 
tobacco industry was systematical- 
ly researching ways to add specific 
amounts of nicotine back into low- 
nicotine cigarettes. 

Appearing before a congressio- 
nal subcommittee, he criiicazed to- 
bacco companies for denying that 
nicotine is addictive. 

Two-lhifds Of the 50 million 
adult smokers say they wish they 
could quit, and 17 million uy to 

K each year, he said. But fewer 
I in 10 succeed. 

“Most smokers are in effect de- 
prived of the choice to stop smok- 
ing," he said. 


Hosokawa’s Job Rating 
Drops Sharply in Poll 


Compiled by Ota- Staff From Dapadm 

TOKYO — Prime Minister Mor- 
Qriro Hosokawa’s popularity con- 
tinues to decline sharply, an opin- 
ion poll by the newspaper Yomiuri 
Shimbun showed Friday. 

A survey of 3,000 voters pub- 
lished by the newspaper found that 
the number of Japanese wanting 
Mr. Hosokawa to step down had 
nearly doubled in the last two 
months. 

Asked bow long Mr. Hosokawa 
should stay in power, 19 percent 
said they wanted him to quit inuno- 
diatdy, up from 1 1 percent in Janu- 
ary. Only 17 percent of respon- 
dents replied that they wanted Urn 
to remain in office “as long as pos- 
sible,” down from 31 percent in , 
September. 

Asked which party they would 
support if the lower house of par- 
liament were dissolved for an elec- 
tion, 28 percent cited the liberal 
Democratic Party, which lost its 
hold on power last August, II per- 
cent chose the Japan New Party, 
and 10 percent each picked the Jar 
Renewal Party and the Social 
atic Party. 

for the Japan New 
Party, which is headed by Mr. Ho- 
sokawa, recorded a decline from 18 
it in January to 1 1 percent in 
while the liberal Demo- 
crats gained by 3.3 percentage 


points and the Soda! Democrats by 
2Jj percentage points. 

Sections for the lower bouse, 
whose members serve four-; 
teems, are not due until July 1: 
but the prime minister can caO elec- 
tions at any time. 

Yomiun Shimbun also 


Friday that a plan had been drafted 
to nmte Mr. Hosokawa’s coalition 
into a angle party. It said the plan 
called for making the eight coali- 
tion parties, including the Social- 
ists, although it would jettison the 
Socialists’ extreme left wing. 

The plan also called for 
up 70 defectors from the Li 
Democratic Party. The moves 
would enable a new alliance party 
to field candidates in all 300 single- 
seal districts of the lower house. 

Tbe newspaper said the plan had 
been discussed at a meeting this 
month among Mr. Hosokawa, for- 
mer Liberal Democrats and a top 
coalition strategist, Ichiro Ozawa. 

Coalition officials declined to 
comment on the report, but said 
such a plan would be certain to 
accelerate a long-sought realign- 
ment of the political parties. 

They said such a plan would 
push the two entrenched Odd 
War-era parties, the Socialists and 
die Liberal Democrats, closer to 
uchiwns or even extinction. 

(AFP, Reuters) 


Missing Soldiers Rescued 
On Mountain in Malaysia 

Reuters 

KOTA KINABALU, Malaysia — Five British and Hong Kong 
soldiers missing for Four weeks on an adventure training exercise on 
Mount Kinabalu were found weak but alive on Friday and a 
helicopter plucked two of them to safety. 

(hie British and one Hong Kong Chinese soldier were taken to a 
hospital on arrival hoe, capital of Malaysia’s north Borneo state of 
Sabah. 

The helicopter crew winched the two soldiers out of a deep canyon 
on the 4.1 OO-metex (1 3.450-foot) mountain just before nightfall, said 
General Yusuf Hussin, the head of the British-Malaysian search 
team. Darkness prevented the other three, who were in better shape, 
from being brought oot immediately. 

A British Royal Air Force team and hundreds of Malaysian 
soldiers and park rangers had searched the mountain for three 
weeks, after the soldiers failed to return on schedule. 


KOREA: [/.S. to Send More Arms 


Continued from Page 1 

more plutonium than they say," 
said the agency's executive direc- 
tor, Hans Blix. “How much we 
can’t say." 

Mr. Blix was in New York to 
brief Security Council members 
about about Pyongyang’s restric- 
tions on inspections in some nucle- 
ar installations. He “made it very 
dear there had been serious prob- 
lans," said Britain’s chief UN rep- 
resentative, Sir David Hannay. 

“1 think the news he gave us was 
disturbing." 

Council members were to con- 
sult privately Friday on a draft res- 
olution urging North Korea to pep 
mil unrestricted inspections, a 
vote is expected next week. 

The South Korean president, 
Kim Young Sam, in Tokyo, called 
on the North to fully open afl its 
suspect nuclear installation to UN 
inspection to calm fears of a En- 
dear holocaust* in the region. 

“We must strive to establish a 

world Era from 
nuclear holocaust, Mr. 
during a visit in which be hasM 
Slith Japanese ^ 

nuclear issue. “In «■» 

North Korea’s lack of wdj* 

transparency is an ever more ur 

also said he expected 
Beijing to refrain from 
veto on the Security OW®**®* 
council considered acnon against 

si-flKSSS 

SfiflSMSS-- 

the issue" 


„„ Russia 
for an international conference on 
the nuclear issue drew a cool re- 
sponse from the United States and 
South Korea. The U.S. State De- 
partment spokesman, Mike 
McCurry, said the most appropri- 
ate forum for resolving the situa- 
tion was the United Nations. 

At a White House news confer- 
ence Thursday night. President Bill 
Clinton praised Russian peace- 
keeping efforts in Bosnia andnoted 
that the Russians bad made a sug- 
gestion on Korea. “Well see what 
happens there,” be said. 

Ointon administration officials 
said the United States had recently 
pressed South Korea’s armed 
forces to correct deficiencies, in- 
cluding inadequate capabilities to 
counter artillery, fight at night or 
follow modem military doctrine 
that calls for considerable battle- 
field maneuverability. 

Washington also has urged Seoul 
to buy additional Patriot anti-mis- 
sile systems to help protect major 
dries south of Seoul the officials 
said The Patriot battalion that Mr. 
Clinton on Monday ordered sent to 
South Korea will be capable only 
of defending U.S. military bases 
near Seoul, they said. 

(Reuters, AFP, AP, WP) 


Vatkaii-CambodiaTies Set 

Ratters 

VATICAN CITY — The Vati- 
can established full diplomatic re- 
lations with Cambodia on Friday. 
A Vatican statement said an esti- 
mated 20,000 Catholics live in 
Cambodia, about 16.000 of them 
ethnic Vietnamese. 


AMERICAN 

TOPICS 


Blurring the Borders 
In U.S. College Studies 

Inter disciplinary studies are 
flourishing at American colleges 
and universities. The New York 
Fimes reports. Biology is merging 
with physics and chemistry, an- 
thropology is borrowing from lit- 
erary theory and feminist studies, 
and economics is mixing with 
cognitive psychology and bios- 
pheric studies. 

“The boundaries between dis- 
ciplines are becoming blurred," 
said Sheldon Hackney, rfiairman 
of the National Endowment for 
the Humanities. “We’ve reached 
the point in the study of Ameri- 
can history where you can’t led 
the difference between what the 
sociologists, the political scien- 
tists and the historians are do- 
ing,” 

Of course, interdisciplinary 
studies are not new. But in the 
past, scholars would leap aca- 
demic borders to strive a specific 
problem and then retreat Inter- 
disciplinary studies were some- 
times ridiculed as dilettantism, 
along the line of “if you can’t do 
anything, try evaything." And 
they still most contend with en- 
trenched departmental jealousies 
on many campuses. 

But, says Colin Lucas, dean of 
the graduate division of social sci- 
ences at the University of Chica- 
go, these days “you don’t just 
acquire a technique, but new 
forms appear within your disci- 
pline, modifying the discipline it- 
self." 

Robert Pollack, professor of 
biological sciences at Columbia 
University in New York, said, 
“Such do disciplines as zoology 
and botany are fading, replaced 





CmjT. Maihc- / Rnno> 

CALIFORNIA FUN — Roller coaster riders at a theme park in Valencia swinging upside down 
on the Batman ride, which propels its passengers through two vertical loops and two corkscrews. 


marries physics, chemistry 
and biology." 


Short Takes 

The awarding of Oscare to Tom 
Hanks, as an AIDS-stricken law- 
yer in “PhfladeJphia," and Holly 
Hunter, as a deaf-mute in “The 
Piano," comes as no surprise to 
The Washington Post, which 
notes that members of the motion 
picture academy have always dot- 
ed on the handicapped. 


AJ Pacino won last year play- 
ing a blind man in “Scent of a 
Woman." Daniel Day-Lewis won 
in 1989 for “My Left Fool," in 
which he bad cerebral palsy. Dus- 
tin Hoffman, winner In 1988 for 
“Rain Man," was autistic. 

The tradition goes far back: 
Jane Wyman won in 1948 for 
“Johnny Belinda," in which she 
was a deaf-mute. 


The California Beach Vofley- 
baU Association, according to a 
local magazine advertisement, 
lists membership rales as 520 for 
“ California residents," $25 for 
“non-California residents” and 
$45 for “all others." 


Arthur Higbee 


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OPINION 


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PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


Mexico: Shaken but Strong 


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For Mexico this has been a year of trial by 
fire, and it is only March. After the jolt of a 
January guerrilla uprising, Wednesday’s as- 
sassination of the front-running presidential 
ca n didate. Luis Donaldo Cofco&o, has pro- 
foundly shaken the confidence of what was 
long thought to be one of Latin America's 
most stable political systems. On the U.S. side 
of the border, investors who welcomed Mexi- 
co's emergence as an open and modernizing 
economy are now reassessing thrir bets. 

But panic would be exactly the wrong re- 
sponse in either country. Without prettifying 
Mexico’s stiU imperfect democracy, Washing- 
ton should strongly reaffirm its confidence in 
and commitment to Mexico’s underlying sta- 
bility and its continuing reformist course. 
And Mexico should continue buttressing its 
economic reforms with greater democracy, a 
cause Mr. Colosio identified himself with. 

The very day Mr. Colosio was murdered 
at a Tijuana campaign stop, Mexico’s Con- 
gress was voting for constitutional changes 
proposed by President Carlos Salinas de 
Conan in an effort to make the August 
presidential election the most cleanly run in 
the country’s modem history. 

These changes stemmed from Mr. Sali- 
nas’s enlightened recognition that the Indian 
rebellion m Chiapas signaled a broader need 
to rebuild popular faith in a political system 
too often vulnerable to accusations of fraud 
and bossism. President Salinas has also re- 
sponded well to the Chiapas crisis by pro- 


moting a negotiated solution with the rebels. 

One consolation for this year’s troubles is 
the encouraging resiliency It has called forth 
from a political establis h men ! ODCC notorious 
for its complacency. During the last presiden- 
tial election year, 1988. the Institutional Rev- 
olutionary Party, or PRI, which has been in 
power since 1929, was so rigid and unrespon- 
sive that it became an embarrassment even to 
its own candidate, Mr. Salinas, 

Today, largely thanks to him, the PRI is 
stronger and more popular, though it is stiB 
no paradigm of internal or external democra- 
cy. A reasonably open and competitive pro- 
cess for choosing a candidate to succeed Mr. 
Colosio would be a useful further advance. 

Also important at tins stage is to undertake 
a credible mquiiy into the Colosio killing and 
to assure a verifiably free and fair election 
campaign and vote count. The United Na- 
tions and the Organization of American 
States, both experienced in supervising Latin 
American elections, should make themselves 
available to help, if so requested. 

Mexico’s friends share its honor and out- 
rage at this intrusion of murder into its politi- 
cal life. Assassination is the polar opposite of 
democracy — a n un with a gun stealing 
choices that belong to a majority at the ballot 
box. The best response would be for govern- 
ment and opposition parties to agree to rein- 
force democracy by accelerating the political 
reforms already under way. 

— THE NEW YORK TIMES. 


Remember £1 Salvador 


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A crucial dement in the United Nations' 
peace plan for El Salvador fell into place with 
the country’s first-ever elections involving 
parties across the political spectrum. Com- 
plaints of fraud arose from, chiefly, failure of 


the rightist government (.whose own support 
ers were already registered) to draw in the full 


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membership of an unenfranchised leftist con- 
stituency. StiQ, the governing ARENA party's 
presidential candidate failed to win a first- 
round majority and faces a runoff. Even if 
Armando Calderon Sol prevails over the left- 
ist Ruben Zamora. ARENA may lose the 
legislature. Two years after laying down arms, 
the former guerrillas are the second political 
force in the land. 

The outgoing ARENA president, Alfredo 
Cristiani, played a major role in this transi- 
tion, with his courageous start on purging the 
ARENA-Iinked security forces of human 
rights abusers. In the time before bis successor 
and the new legislature are seated at the end of 
May, they need to quicken land transfers, 
expedite deployment of the new national dvil 
police and enact constitutional changes ensur- 
ing judicial reform. 

The United Nations did much to help the 
transition stiU undo 1 way. It designed a peace 
— it has been called a “negotiated revolution™ 


— that stopped most of the slaughter and 
addressed the feudal roots of the conflict. 
Electoral reforms leading to last Sunday’s 
elections were just one part of its work. Inves- 
tigations of abuses by a Truth Commission 
were another pan. Reconstruction and devel- 
opment were begun. 

Here U.S. policy becomes painfully topicaL 
In the 1980s, when H Salvador was regarded as 
a key Cold War front, the United States poured 
in btffions to oppose Moscow-supported guer- 
rillas. When fatigue and stalemate produced a 
settlement Washington undertook to under- 
write iL This year, however, Washington pro- 
poses to send only $94 million in aid, against a 
minimal $230 million last year. This cut and the 
fall in coffee prices are forcing Salvadorans to 
choose between financing economic stabiliza- 
tion and finarming the peace accords. Ether 
way, the country loses. 

El Salvador is not the only former Cold War 
pawn now watching in dismay as the United 
States turns to laiger or shinier pieces. But there 
Americans took on a strong obligation to help 
people struggling far a decent Hfe. Washington 
should not be sending the message that it sheds 
its obligations when a country — a friendly 
neighbor — toms from war to peace. 

— THE WASHINGTON POST 


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Too Many Secrets by Far 


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President Kli Clinton has a chance not only 
to make history but to assure its more honest 
rendering by historians. A draft executive 
order that would declassify tens of millions of 
secret documents, prepared by the National 
Security Council, is now being circulated to 
key federal agencies for comment. If the order 
survives the expected fusillade by guardians 
of the secret files, Mr. Clinton can with the 
stroke of a pen honor his repeated promises 
for more open government. 

Under the proposed policy, the presump- 
tion wiU be in favor of openness in deciding 
whether a document should be classified in 
the first place, reversing the priority estab- 
lished by a 1981 executive order from Presi- 
dent Ronald Reagan. Most documents would 
be automatically declassified after 25 years, 
which seems a reasonable limit, ending the 
ludicrous restrictions that still seal files at the 
National Archives dating from World War L 

Still, even if the draft order amoves its fust 
bureaucratic test, and even assuming there are 
no snags hidden in the fine prim, Mr. Clinton, 
wfll not win the war for more openness with the 
mere flourish of a pen. The cunning of the 
seasoned bnreancrats who would have to cany 
out the order can never be underestimated. 
They could nullify the order by the elastic use 
of loopholes in existing legislation meant to 
prevent exposure of truly sensitive national 
security documents. 


For example, various laws justifiably protea 
old documents relating to the manufacture of 
nodear weapons, and to the deciphering of 
mffitaiy codes. Moreover, the CIA blacks out 
documents that it believes might compromise 
its sources and methods. But the agency, as 
scholars have found, exercises that veto with 
promiscuous zeal, forbidding access even to the 
World War IT archives of its predecessor, the 
Office of Strategic Services. And Americans are 
still denied knowledge of the most fundamental 
fact about the CIA: Us annual budget 

The proposed policy, regrettably, does not 
extend to secret budgets. But this is an omission 
that Congress could correct Representative 
Dan (Hi ckman of Kansas, chairman of the 
House Intelligence Committee, proposes legis- 
lation that would write into law dear rules for 
classifying documents, fixing a 6- or IQ-year 
time limit whoever possible. Hearings are un- 
der way. The CIA’s lawyers oppose automatic 
declassification of the mustiest documents. 

Let it be said again: The Cold War has 
ended, and so has the justification for a vast 
array of secrets whose very existence is anti- 
thetical to ihe spirit of free government The 
proposed executive order is sensible and 
overdue; by signing and enforcing it. Mr. 
Clinton can in one stroke honor a promise, 
help make today’s bureaucracy more ac- 
countable and put posterity in his debL 
— THE NEW YORK TIMES 


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Now that a terrible act of violence has 
thrown Mexican politics into greater uncer- 
tainty and turmoil, Mexico's friends must 
stand firm in support of outgoing President 
Carlos Salmas de Gortari and the extraordi- 
nary progress he has come to personify. 

Luis Donaldo Colosio, 44, was Mr. Sali- 
nas's handpicked choice to be the candidate 
of the powerful Institutional Revolutionary 
Party, or PRI. Mr. S alinas was counting on 
Mr. Colosio to carry on his economic policies, 
especially implementation of the historic 
North American Free Trade Agreement. Mr. 
Colosio was acknowledged to be a capable 


and decent man; his death is a loss to Mexico. 

Many financial analysts fear the assassina- 
tion wfll set back, at least in the short tom, 
Mexico’s economy. Coming on the heels of a 
brief but bloody peasant rebellion in Chiapas, 
the murder can mean only added pressure on 
Mexico's still shaky finances. 

Mr. Salinas and the new generation of 
young political leaders have had the intelli- 
gence and foresight to begin to reform a 
moribund, state-dominated economy, and 
with breathtaking speed. Mexico’s foreign 
friends now must show similar farsightedness 
and courage as Mr. Salinas and his colleagues' 
try to contain the political crisis. 

— Las Angeles Times. 



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Hard-Headed Help for a Changing Russia 


EW YORK — Those who sug- 


gest that because at its vast 
problems Russa should no longer be 
treated as a world power ignore an 
unpleasant but undeniable truth: 
Russia is the only nation in the world 
that can destroy the United States. 

Therefore Russia remains Ameri- 
ca's highest foreign-policy priority. 

The Russia I saw on niy latest trip 
is a very different nation from the 
rate I visited just one year ago. Opti- 
mism about the future is being re- 
placed by pessimism. A strongly 
pro-American attitude has in many 
cases become disturbingly anti- 
American. Boris Yeltsin is still a 
political heavyweight but he is no 
longer a superman. 

When Russia was a dictatorship 
as part of the Soviet Union a good 
relationship with the man at the lop 
was afl that was necessary. This is 
no longer enough. 

Not all the news is bad. Contrary 
to some reports in the Western me- 


By Richard Nixon 


ganov, the liberal Democratic Party 
chairman Vladimir Zhirinovsky and 
former Vice President Alexander 
Ruiskxri — stared categorically that 
there can be no return to the Soviet 
past. And all assured me that they 
would pursue their objectives 
through constitutional means. 

Mr. Zyuganov is an impressive 
Communist Party hard-liner, but 
when I asked him if the nation 
could ever return to communism, he 
ruefully replied, “No. we cannot 
cross the same river twice.” 

After 75 years of godless commu- 
nism, in Russia today God is alive 
and communism is dead. 

Although Mr. Yeltsin reacted neg- 
atively to my seeing Mr. Rstskoi, & 


reformers from the government does 
not mean the abandonment of re- 
form. Prime Minister Vflnor Cherno- 
myrdin will continue to implement 
frce-market reforms. Though the 
program would be more gradual, 
government leaders say, it would 


Yeltsin is still a political 
heavyweight but he is no 
longer a superman. 
America should pay 
attention to the new 


also be more comprehensive and not 
limited to a tight monetary policy. 

But Russia’s political scene can 
only be described as chaotic. 

Mr. Yeltsin has lost much of the 
mystique from his historic role in 
the destruction of Soviet commu- 


nism. He may be finding that bisto- 
t him. 


ry is against ! 

Over the centuries, revolutionary 
leaders have not been gpod nation 
builders. But it would be premature 
to write Mr. Yeltsin off because of 
his frequent absences from Moscow 
and his increasingly erratic conduct 

The first freely dec ted president 
in Russian history, he is stfll the 
country’s most popular politician 
— the best guarantor of Russian 


democracy and stability until his 
term expires in 1996. The United 


States should treat him with respect 
and work closely with him. 

But America should also pay more 
attention to the new generation of 
Russian leaders — many of whom 1 
met — such as Grigori Yavlinski, an 
impresaye young economist; Sergei 
Shakhrai, the analytically minded 
minister of nationalities; and the for- 
midable economics minister, Alex- 
ander ShokhiiL All in their late 30s or 


early 40s. they are not yet ready for 
re without 


top leadership, but they are ’ 
question presidential material The 
5 5 -year-old prime minister is now 
generally acknowledged to be the 
front-runner to succeed Mr. Yeltsin. 

All the key oppoation figures — 
and 1 met with them all, jncMing 
the Communist leader Gennadi Zyu- 


sbould realize that Rutskoi support- 
ers will split the Zhirinovsky vote, 
reducing the threat 

Mr. Zhirinovsky is a ruthless, 
shrewd demagogue. But after exam- 
ining him at length on issues ranging 
from his views on foreign policy to 
his attitude toward the United States 
and anti-Semitism, I share the view 
of President Leonid Kravchuk at 
Ukraine: He will not be elected pres- 
ident of Russia. 

He lacks the presence and convic- 
tion to lead a great nation. When I 
questioned him about some of bis 
ludicrous statements — that Cali- 
fornia would one day be part of 
Mexico, that Miami would be a 
black republic, that Paris would be 
an Arab city — he referred to opin- 
ion polls about his popularity. 

One of his top associates, who 
had attended our meeting, said later 
that Mr. Zhirinovsky had intention- 
ally adopted the extravagant pos- 
ture a a holy fool For centuries, 
these yurodiviyel were oppoation 
figures whose very inadequacy pro- 
tected them from brutal repression. 
Although Russians have always had 
a soft spot for holy fools, they have 
never chosen them as their leaders 
— as Mr. Zhirinovsky win soon 
discover wfaoi he enters the presi- 
dential sweepstakes. 

The most disturbing develop- 
ment since the December election 
has been the sea change in Russia's 
foreign policy. The rhetoric of For- 
eign Minister Andrei Kozyrev has 


shifted 180 degrees. Before the elec- 
tion, be was too pro-American for 
his own good. Now he has changed 
Ins em phasis on universal human 
values and commonality of interests 
with America to a renewed Russian 
superpower role and the need for 
Moscow to chart its own course. It 
is without question a change of the 
head, not the heart. He has read the 
election returns and is reacting like 
any other politician. 

Most important, the United States 
should be candid with Russia when 
oar views do not coincide. We are 
great world powers and our interests 
will inevitably clash, but ihe greatest 
mistake we can make is to try to 
drown differences in Champagne 
and vodka toasts at “fed-good” sum- 
mit meetings. The highest art of di- 
plomacy is not to paper over intsot- 
uble differences with gobbledygook, 
bat to fin da way to disagree without 
damaging profoundly important 
strategic relationships. 

In implementing the Partnership 
for Peace, the West cannot allow 
Russia to determine the future of 
NATO. The alliance is too impor- 
tant to the United States and to 
Europe to be sacrificed for the sake 
of Russian sensitivity. 

Moscow should be offered guar- 
antees that NATO expansion to in- 
clude Poland, Hungary, the Czech 
Republic and Slovakia will take 
ptfli-g gradually and will not endan- 
ger Russian interests. If Russia does 
not find those guarantees adequate, 
we wiU have to agree to disagree. 
Russia oust not be given a veto over 
a NATO decision to expand. 

Russia has legitimate interests in 
the region, particularly for the pro- 
tection of 25 milfinn Russians in the 
framer Soviet republics who sudden- 


ly are foreigners in their own kuuL 
The claim that Russia is again 
becoming an imperialist power is 
exaggerated. Despite their imperial 
nostalgia, most Russians and their 
leaders are reluctant to engage m 
new adventures or even accept eco- 
nomic responsibility for the other 
newly independent states. 

The independence of ail the for- 
mer Soviet states is important. Tne 
independence of Ukraine is indis- 
pensable- A Russian- Ukrainian 
confrontation would make Bosnia 
look like a Sunday-school picnic. 

Moscow should be made to un- 
derstand that any attempt to desta- 
bilize Ukraine would have devastat- 
ing consequences for the Russian- 
American relationship. 

Ukrainian stability is in the strate- 
gic interest of the united States. To 
the extent that Kiev is prepared to 



porting these efforts should be a UJ 
national security priority. 

I found no one who bad a good 
word for the U.S. aid program. 

The issue is not the amount but 
how ir is administered. Rip-offs, 
shakedowns and corruption among 
recipients, along with incompetence 
among adminis trators, have created 
enormous disillusionment 
President Bill Oinian would be 
well-advised to order an immediate 
comprehensive review of aid to Rus- 
sia and the otter former Soviet 
states. 

Reform is in the interest of free- 
dom. Its success would provide an 
example for others to follow; its fail- 
ure would embolden dictators and 
would-be dictators everywhere. It is 
a mirade that the new Russian revo- 
lution stfll shows promise.' The re- 
formers may fail even with our help. 
They will cttlamly fail without iL 
Mr. Clinton deserves bipartisan 
support on providing adequate aid 
to the forces of freedom in Russia. 

But this support should be hard- 
headed, without illusions about 
Russian conduct and without the 
sacrifice of U.S. interests. 


The former U.S. president returned 
a week ago from his 10th trip to Mos- 
cow in 35 years. He contributed this 
comment to The New York Tones. 



Lower the Tone and Seek Common Korean Ground 


gEOUL — As Kim Young Sam 


begins a fivoday official visit to 
China, there is a growing recognition 
in South Korea that China is as im- 
portant to any resolution of the 
North Korean nuclear issue as Russia 
was loa Bosnian deaL That does not 
mean trying to persuade China to 
lean harder on Kim 1] Song. China, 


By Philip Bowring 


The danger is less than 
the headlines suggest. 
There is an honorable 
bargain to be made. 


dearly not worried that a conflict is 
imminent, has made it plain that it 
has done as much as it is willing to do 
on that score. It does mean that Chi- 
na should become a key player in 
devising a package solution to the 
interrelated issues on the peninsula. 

This is in the first place a Korean 
issue, in the second a regional issue. 
Third and last should be the nuclear 
nonproliferation issue. Proliferation 
has become an obsession with some 
policymakers in Washington, at the 
expense of the Korean and regional 
dimensions. Ultimately, nonprolifer- 
ation goals can only be achieved in 
that wider context. 

Fixation with the International 
Atomic Energy Agency and inspection 
questions could drive the process up a 
blind alley, leading to North Koran 


withdrawal from the Nudear Nonpro- 
liferation Treaty. This would leave the 
North more isolated than ever, more 
determined to push ahead with its 
nudear program. The United States 
and its allies would be reduced to 
bombast and sanctions which are un- 
likely to be supported by China and to 
which Tokyo is lukewarm. 

A military solution can be ruled 
oul Few, least of all in South Korea, 
want a war to remove a tactically 
useless weapon, if such there be. 

The North is devious and desper- 
ate, its leaders obsessed with survival 
Their war talk is a diversion from 
domestic failures, their bomb project 
a response to isolation and the inabil- 
ity of their conventional war machine 
to compete. Why feed their paranoia 
by responding in kind? Do a hugely 
successful South Korea and an all- 
powerful United States really have 
much to worry about? 

Instead of Inveighing against 
Pyongyang’s duplicity and draining 
up punishments, it would be better to 
seek common ground. There is plen- 
ty. For the South, the Cold War has 
been won. But how can peaceful re- 
unification be won without disrup- 
tion? The South has no interest in the 
collapse of the North. Its overriding 
concern is gradual transition, 
smoothed by trade and investment 
from the South. 

The common interests of North 
and Smith are plain enough even for 


those who do not subscribe to the 
theory that reunification on a south- 
ern system is inevitable. 

Whatever the future, both sides 
have an interest in seeing it unfold 
slowly. But Pyongyang, meanwhile, is 
so weak that it is clutching at any 
lifeline, real or imagined. At times, 
for all its bloodcurdling threats, it 
seems almost pathetically desperate 
for the U.S. recognition and foreign 
cash that might somehow save it from 
the garbage heap of history. It also 
feels cheated. Its erstwhile friends, 
the Soviet Union (before dismember- 
ment; and China established rela- 
tions with the South. And what did 
Pyongyang gpt in return? No recogni- 
tion, no aid, uo trade. 

As for the United States, if the 
Nuclear Nonproliferation Treaty is 
so important, why not tiy harder to 
strike a deal that would address si- 
multaneously the issues of nuclear 
inspection, recognition and economic 
help, including aid from Japan and 
investment from the South? Aid and 
recognition would bolster the regime 
in the short term. But is not that what 
the main players want? It seems 
strange that the United States, so 
magnanimous toward those who sur- 
render unconditionally, seems so vin- 
dictive against those, be they Viet- 
namese or North Koreans, who may 
make deals but will not recant 


yang's bomb-making and its pariah 
status, even as they develop trade 
links with the South. China, as neigh- 
bor and erstwhile friend, should play 
a key role: Perhaps it alone has the 
ability to assuage Pyongyang’s para- 
noid fears, and some legitimate con- 
cerns, whole not compromising its 
budding relationship with the South. 

Possibly, Pyongyang is itself only 
interested in unconditional surrender 
or the right to make trouble: But the 


odds are that it is trying to get maxi- 
mum leverage out of the one bargain- 


mgeard it has. 

The stationing of Patriot missiles 


As for China and Russia, they have 
rib pyong- 


a clear interest in ending both ; 


South Africa’s Tragic Obstructionist 


J OHANNESBURG — To many 


South Africans, be is a political 
villain, the last significant holdout 
against the new constitutional sys- 
tem. But Chief Mangosntfau Buihe- 
leri can also be seen as a tragic figure 
in the Greek sense: a man undone by 
his overweening pride. 

Chief Buthasd and bis Tnkatha 
Freedom Party are boycotting ibe 
election to be held April 27-28. 
Armed Inkatha toughs have blocked 
other parties’ rallies in KwaZulu, of 
which ne is chief minister. The fear is 


By Anthony Lewis 


that they will use violence to keep 
jle from 


people trojn voting. 

How did a man who saw himself as 


a colleague of Nelson Mandela's get 
into such a position? Can he really 
disrupt the election to the point of 
making it illegitimate? 

When the apartheid regime set op 
black “homelands” 20 years ago and 
tried to spin them off as supposedly 
independent countries, ChiefButbe- 
lezi accepted the leadership of Kwa- 
Zulu. But despite heavy pressure 
from the government he refused to 
declare it independent, saying he 
would not do so white Mr, Mandela 
and others remained in prison. 

That made a difference. If the 

homeland of the Zulus had called 
itself a country, it would not have 
been so easy for the world to ignore 
the supposedly independent states. 

At that time, then. Chief Buthelezi 
was bad news to the government But 
anti-apartheid groups also began to 


criticize him, for playing a role “in 
the apartheid system.” 

Then came a psychological turning 
point: the funeral, in 1978, of a neat 
black leader. Robert Sobukwe. Chief 
Buthelezi was on the speakers’ plat- 
form in a packed stadium. When the 
young men in the cortege caught sight 
of him, they shouted and approached 
menacingly antfl he fled. 

That episode brought out a para- 
noid streak that has flourished since in 
Chief Buthelezi. A reporter who asks 
him the blandest of questions may 
find himself attacked at length as part 
of an anti-Butbdezi conspiracy. He 
sees insults everywhere, to a world 
with many thin-skinned politicians, 
his vanity is among the most tender. 

The Guinness Book at World Re- 
cords credits him with the world’s 
longest speech: 400 pages delivered 
over five days to the KwaZulu legisia- 


aays 

live assembly. He controls the assem- 
bly, the KwaZulu police and Inkatha. 
But he denies any knowledge of In- 
katha hit sounds, which an official 
report has charged are a main cause 
of rising violence in KwaZulu. 

The new constitution was rejected 
by Chief Buthelezi as too ccntnsL He 
might have bad a good case for more 
federalism, but he demanded what 
amounted to separate sovereignty fra 
KwaZulu. He joined with extreme 
rightist white parties in the negotia- 


tions. And he has upset repeated 
peacemaking efforts. 

His tactics have alienated the local 
white business people who used to 
back him. and even most of his con- 
servative American supporters. Why 
has he chosen the pain of obstruc- 
tion? The reason generally believed is 
that he knows he would be outvoted 
by the ANC even in KwaZulu, and so 
he decided to avoid the election and 
do his best to wreck iL 

Chief Buthelezi’ s strength lies in 
violence. A few well-armed thugs can 
spread a lot of (error. Hie plan is 
evidently io prevent voting in the 
rural areas of KwaZulu, and then 
persuade the Independent Electoral 
Commission monitoring the election 
to declare it void in the province. 

The commission, the government 
and the ANC are considering how to 
prevent threats and violence so the 
election can go forward in KwaZulu. 
If Chief Buthelezi sticks to the path 
of obstruction, as seems likely, he can 
do a lot of damage. But in any event 
his writ will not run much longer. 

After the election the Buthelezi re- 
gime will lose the central govern- 
ment’s funds that have supported iL 
Civil servants and chiefs who have 
done his bidding will have to look 
instead to those now writing the 
checks: the elected governments of 
theproviflee and the country. 

Time is running out for Mango* 
suthu ButhdezL 

The New York Tones. 


in the South is a negotiating move, as 
well as a public relations response, to 
the North’s recent tantrum at Pan- 
muejom. Hie staging of U.S.-Soulh 
Korean military exercises would be a 
larger such move — more costly for 
the North, which felt it had won a big 
point by getting it canceled. It would 
also require the North to go on full 
alert For 10 days, using scarce fuel If 
the military moves put added pres- 
sure on Pyongyang and keep Wash- 
ington hot beads at bay, they may do 
some good. But if they become part 
of a M-for-tat process that puts the 
broader issue into the background, 
they will serve no purpose. 

The Korean question is not as 
immediately dangerous as the head- 
lines suggest But sustained high- 
level attention from Washington 
and clear means and goals agreed 
with Seoul and discussed with China 
and Japan are needed. The charged 
atmosphere of recent days does not 
give President Kim much room for 
maneuver without sounding weak in 
the face of North's bombast But his 
visit to China is a rare chance to 
involve Beijing in a broader settle- 
ment If that seems like a reward 
for Kim II Sung's nuclear program, 
so be it. There is an honorable bar- 
gain to be made. 

International Herald Tribune. 


By Stephen S. Rosenf eld 

W ASHINGTON — The Omion 
administration has a plausible 
plan to end the Yugoslav crisis. It 
rests on Krajina in the northern part 
of the Balkan region and Kosovo in 
the southern. Success would termi- 
nate the war in the north and deter 
war in the south. 

In the north, the dispute between 
Sobs and Croats for a suitable place 
in the post-Yugoslavia sun is central 
But the Serb-Croat-Musfim struggle in 
Bosnia, terrible as it is, is politically 
secondary and is under active and so 
far cooperative diplomatic treatment 
by Washington and Moscow. 

The primary Serb-Croat arena lies 
in Serb-peopled, Serb-held Krajina, 
inside Croatia. Krajina Sabs demand 
sovereignty. But that would dismem- 
ber Croatia. The answer is very broad 
autonomy fra the Krajina Serbs. 

In the southern Balkans, ethnic Al- 
banians, who are Muslims, are at cen- 
ter stage. Thdr connection with other 
parties is difficulL The most explosive 
location is Kosovo, where sovereign 
Serbia harshly represses a large Alba- 
nian majority. Kosovo’s Albanians 
call themselves “the Republic of Ko- 
sovo” and, though they are careful 
about use of the provocative word 
“sovereignty,” that plainly describes 
their goal But that would dismember 
Serbia. The answer is broad autonomy 
for Kosovo's Muslim Albanians. 

There you have what might be 
called the Two-K Autonomy Modd 
1994 Peace Plan. Krajina and Kosovo 
hold the keys to a regional settlement 
The same fait; symmetrical and princi- 
pled prescription applies to both. 

One principle is preservation rtf the 
formal sovereignty of existing states 
and rejection of the forceful change of 
national borders. The other principle 
is protection fra endangered ethnic 
groups in those states. Autonomy is a 
status that can slide between a looser 
confederation and a tighter federation. 
It is not magic, but it is better than 
anything else on the board. 

There are, of course, objections to 
this. You can already bear protesting 
Serbs, tinr nerves strained by snspt- 
dan5 of an American-Rusaan squeeze 

Ofl »bwV mnxfmal Cn rnter ’vrftja as pL 

rations. They crave setf-determination 
for Serbs in Krajina. But they wish to 
deny sdf-detenmnatirai to Ma&Kms in 
Kosovo. They want it both ways. 

Serbs may not yet be ready to ac- 
knowledge how untenable their posi- 
tion is. Their Russian friends will 
have to bring than around. 

Muslims are wary too. In Kosovo 
they are linked ethnically to M uslims 
in Macedonia, Albania prefer and be- 
yond. To many Kosovans, autonomy 


looks pale in the gathering glow of 
there, in 


Albanian ethnic passion. But 
Albanian as well as Serbian ambition, 
lies the danger of widening the war 
outside the old Yugoslavia. Greece is 
making its own provocative contribu- 
tion. This fuse cannot be left hi sang 
Does the Two-K Autonomy Modd 
1994 Peace Plan seem too simpte? Any 
effective plan most be simple enough 
to be agreed car and implemented by 
cautious politicians. It must be under- 
stood and supported by inattentive 
publics. Close readers wfll recognize 
the debt this plan owes to the commu- 
niqub that the United States, Russia, 
Britain, France and Spain signed May 
22, and then lost their grip on. 

Or pezfams this plan is not veags- 
ful enough frayou. It isn't vengeful at 
afl. It does not punish Croats and 
Muslims for failing to take into ac- 

Croatia aruL&osnia, that Serbs would 
resist involuntarily becoming citi- 
zens, and a minority, in a foreign 
country. Nor does it punish Serbsrra 
their notorious policy, which in some 
places continues, of killing , displac- 
ing and robbing other peoples. 

But there is plainly no taste in Mos- 
cow or Washington for a punitive ex- 
peditkm. It is unrealistic to expect the 
diplomats to do more than titty up an 
awful mess. A moral redeeming will 
have to be left to individual war crimes 
prosecutions. A modest political com- 
promise now needs no apologies. 

Finally, you wfll say, all tins could 
have been done long before. But a 
year ago circumstances weren't ijgbL 
The battle of Bosnia was still on, 
keeping the parties from focusing on 
Krajina. The possibilities of explo- 
sion in Kosovo were insuffidentiy 
appreciated. Russia had not yet come 
forward to join the United States in 
claiming a piece of the action. The 
two of them are forcing the pace 
upon clients wibo appear ready to 
have thdr areas twisted a biL 
The basic idea of this plan is to let 
democratic choice replace force to 
the extent posable without further 
war. It win not bring back the dead, 
but it could limit the future toIL 
The Washington Post. 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 
1894: William’s Dream 


BERLIN — It is now dear wbai the 
ambition of the Emperor William is. 
He dreams of a revivd of the Holy 
Alliance of Austria, Germany and 
Russia. All his recentpolicy is in- 
spired by this object. The successful 
conclusion of the Russo-German 
Commercial Treaty is the first move 
in his game. The successful conclu- 
sion of an Austro- Russian commer- 
cial treaty is the next step. When 
that has been successfully carried 
through His Majesty reckons that 
the relations of the Northern Power 
with her Western neighbors will 
be so far improved that the subject 
of a revival of the Drdkaiserbund 
will not only be possible but will 
be welcome to the Czar. 


fla m ma t ory terms the seizure of pow- 
er by the Hun g a ria n Co mmuni sts. He 
announced io the Bolshevist Assem- 
bly that an army was already about to 
cross the frontier to aid the Hungarian 
brothers. In dosing, Trotzky launched 
a vehement appealto the workingmen 
of the other States of the ddDaal 


Monarchy. He demanded that they 
^^fthrow all Governments that are 


by Soviet Republics. 

1944: Curfew for Jews 

JERUSALEM — [From our New 
York edition:! 



Two Keys 
To Peace in 
The Balkans 




1919: Trotzky Jubilates 

STOCKHOLM — A telegram from 
Moscow says: Dining the last nm- 
ol the Council of Workers and 
Trotzky celebrated in in- 


ing of th 
Soldiers, 


British authorities 

nS?°i e ™ a curfew today 
[March 23] and invoked the death 
penalty for violence and sabotage to 
cjrrb tei outbreak of bombing and 
shooting by Jewish extremists which 
“f ^““^day.night has caused sev- 
en deaths and injuries to many per- 
sons. The curfew, effective until fur- 
r”- “ 0Uc * was imposed on the 
Jewish sections of Jerusalem, Haifa, 
Jaffa and all of Tel Aviv 



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INTERNATIONAL HERALD TRIBUNE, 


ART 

Saturdav-Sunday, 
March 26-27, 1994 
Page 7 


A Forgotten Artist 
Revived at Louvre 

ImctnarionaJ Heruld Tribune . , 

P ARIS — The- ^7 . would s*® to have sprung out of the j 

ftMc thatA^S^ of social architect’s mind. The handling of vegeu 
R«miin!ft ^f^tlted m the Fnendi the proportions, the etching technique 




International Herald Tribune 

P ARIS -- The undoiag of the social 

fabric that resnJtedln the French 
Revolution has generated tons of 
“Joanne. Curiously, the breakup 
w ine traditional artistic mold that accompa- 
med it has barely attracted commentary ^ 
One of its weirdest expressions is found in 

the oeuvre of Louis- Jean Desprez, on view at 
the Louvre und May 4. This is the first one- 

man showy the artist's work ever put to- 
gether m France. Its alternation of bland 
topographical watercolors and extrav agant 

SOUREN MF.TIKian 

theatrical scenes, mixed, bene and there, with 
nightmansh waorw, raises questions that 
have never been considered. Goya on his 
own could be explained as a unique genius 
with visionary powers. Blake might be ac- 
counted for as a poet translating literary 
fantasy into watercolors. But Desprez was 
neither a genius nor a literate man — his 
French is ungrammatical, his spelling erratic. 

Such a banal man’s fantasy is more in- 
taguin^. Seoi in sequence with the two fam- 
ous artists, it points to a pattern. The life of 
Desprez, which oscillaied between 18th-cen- 
tury coarse farce and Balzao-style tragedy, 
yields no due. Desprez came from a modest 
provincial background, ffis father, who died 
weeks before his birth in 1743, was a barber. 
Nothing is known about the childhood of the 
future artist whose energy seems to have had 
no bounds. 

How fie came to attend the classes of the 
famous engraver Chari es-Nicolas Cochin, 
who portrayed the establishment, is a mys- 
tery. The boy was only 12. Some time after- 
ward, the irrepressible Desprez switched to 
architecture! He found himself enrolled in 
the studio of the equally famous Jacques 
Francois Blond el. The pupil was sufficiently 
esteemed to draw some plates engraved in 
1770 in the master’s “Lessons in Architec- 
ture.* 1 The young man may have been dissat- 
isfied, or he may have been given the boot for 
being overbearing — Hkmdd notes that Des- 
prez had great confidence in his own achieve- 
ments — for he went over to the studio of 
another, equally famous architect, Pierre 
Desmaison. One of his earliest surviving ar- 
chitectural projects earned him the Ptix de 
J’Acadfanie Royale <f Architecture in June 
1766. Dedicated to Voltaire, it is an anagi- 
nary monument destined to honor the mem- 
ory of great men. The long horizontal struc- 
ture is neoclassical with spiky obelisks 
curiously springing up all over. At both ends, 
stepped conical roofs with big bulbous fini- 
als indicate that the architect had probably 
looked at some engravings showing Far East- 
ern pagodas. There was dearly a streak of 
fantasy in the young man. This is nothing, 
however, compared with the etching titled 
“La Chancre ■ do -XL Desprez” included 
among the first engravings published by. the 
artist m 1771. - . 

A three-headed monster, its body done 
like a skeleton with bits of muscles attached, 
strides as it picks with its beak attheheadof 
a body it somehow dutches. A long caption 
explains the image as the illustration to an 
Andent Roman myth for which no source 
has actually been found in Latin sources. It 


would seem to have sprung out of the young 
architect’s mind. The handling of vegetation, 
the proportions, the etching technique indi- 
cate a possible familiarity with Dora's art 
Even so, it stands out like the sick outburst of 
a deranged sadisL 

In May 1774, Desprez married Anne de 
Ve rm ala. who appears in his life as a sad, 
lonely figure from an impoverished aristo- 
cratic background. This was only an inter- 
lude. All Desprez cared for was his career. 
He desperately wanted the Grand Prix de 
Rome, the key to a secure future for an 
aspiring artist It meant a three-year stay in 
Rome free of cost, and opportunities to meet 
other artists and to make contacts with the 
European art-minded establishment touring 
Italy. 

The artist had already made four failed 
attempts and h took another two before he at 
last won the coveted award in June 1776. 
Desprez spent a year trying io Had means of 
subsistence for his wife in his absence — 
women were not allowed into the Roman 
premises of the Acad&nie. He left, having 
presumably solved the problem, arrived at 
the Acadburie, and, within two months, was 
off on a trip to Naples and Sicily. He had 
been hired to draw the topographical plates 
for a five-volume book, the “Voyage Pit- 
toresque ou Description du Royaume des 
Deux- Sidles,” latex published 'under the 
name of the Abbfc de Saint Non. 

T O this trip we owe his first land- 
scapes in pen and wash. His man- 
na’ varied a great deal. A street in 
Pompeii that had just been exca- 
vated is loosely done. The conventional com- 
position could be from a mildly competent 
amateur. But Desprez »tsn had his moments. 
There is a ravishing view of “Andent Ruins, 7 * 
showing three massive brick piers, half crum- 
bling, topped by green vegetation. The win- 
try fight is both delicate and contrasted, the 
impressionistic bnishwork quick and evoca- 
tive. This suggests a true artist whose undo- 
ing was eventually to be a fundamental lade 
of seff-disdpKne, a versatility so extreme 
that it resulted in a complete lack of direc- 
tion. 

His own life reflected this flaw. Bade in 
Rome, he ™»«u»gpd to gel his wife to come 
over in April 1779, in breach of all regula- 
tions, thanks to his protectors' hacking. But 
wi thin four years, be had sent her bade to 
France on the excuse that he needed to have 
another two-year stint at the Acad&nie to 
deepen his mastery of painting. Art was not 
the only reason. Another woman, Thir&se 
d’Ange, for whom be had fallen at first sight, 
bad entered his life. It was true, however, 
that he had gotten tired of architecture and 
only wanted to paint. He also made extra 
money by doing theatrical sets. 

Desprez was now at the height of his 
ability. A study in pen and brown wash of 
the high cbffs at Capri far a planned pictnre 
of Emperor Tiberius having his prisoners 
thrown down into the sea shows that he had 



Tamara de Lempicka 

Portrait of a Legend Between Wars 


£ 


By Ken Shulxnan 


R ome -—it is difficult to 
decide whether the Ta- 
mara de Lempicka retro- 
spective on at the Villa 
Medici is a weH-deserved re-evalua- 
tion of a nearly forgotten artist, an 
opportunistic play on the nostalgia 
for the aristoaanc decadence that 
characterized Europe between this 
century's two world wars, or simply 
an entertaining to an endur- 

ing European legend. 

De Lempicka was certainly the 
stuff of which legends axe made. 
Born Tamara Gorski sometime be- 
tween 1898 and 1902 in a city that 
may have been Warsaw, she fled 
Bolshevik Russia with her hus- 
band, Baron Tadeusz Lempidri — 
a coimterrevolutiqnaiy from Sl Pe- 
tersburg — pa««ng through Fin- 
land and Denmark to arrive in Par- 
is. Tall, beautiful, and socially 
ambitious, de Lempicka used her 
charm to secure a place for herself 
among the hone sociiti of the 
French capital. Barms, counts and 
poets — inducting Gabriele D’An- 
nunzio of Italy — were among her 
lovers. 

And in the midst of this brilliant 
social life, winch undoubtedly re- 
quired much energy and attention, 
de f-gmnieka became an artist AI- 
ihongbbest known for her portraits 









sc 

<U1 

tl 

t! 

ary su 
tde id 
ids gl 
in- 

^y i 

the <0 

the if 

■nd >ri] 

ive til 



known for her portraits Self-portrait exemplifies her mastery of tone. 


*La Chimere de M. Desprez an etching first printed in 1771 . 


cast eyes on sketches by Tiepolo, although 
this is no pastiche. This must have been done 
early in 1784 when came the turning point in 
his career. He met the king of Sweden, Gus- 
taf Adolf ffl, who was traveling incognito 
and came to the Acad&nie. By April 1784, he 
had been offered an irresistible contract. He 


was to direct the execution of all stage sets 
for the king, who was inordinately interested 
in the opera. 

For seven years, Desprez rode a high crest- 
By order of the king, the Frenc hman became 
the rage of Stockholm. He was everything at 
once — stage decorator designing sets, archi- 
tect to the king , chief restorer of andent 
monuments, and painter of historical pic- 
tures. His sets for an opera concaved by the 
king and written by Johan Henrik Kellgren, 
“Queen Christina,*’ were so popular that two 
of the cartoons were engraved — and dedi- 
cated to the king’s confidant, Gustaf Mauri tz 
ArmfelL They were foDowed by sets for an 
opera written by the king in person, “Gustaf 
Vasa.” The views of fancy Renaissance pris- 
ons or of the port of Stockholm as it was 
thought to look around 1520 are Oiled with 
characters in pseudo- Renaissance attire, 
Desprez antidpaies Revivalism of the 1830s 
and 1840s. 

Some Swedish artists did not take kindly 
to the favors showered upon the foreigner. 
For a while they may have staked high hopes 
on his departure for London. A fire had 
destroyed the Kings Theatre on June 17, 
1789, and the artist drew plans for an opera 
house but nothing came of it Desprez, who 
had dismissed Thhrise d’Ange in 1788, went 


back to Sweden with the wife of an innkeep- 
er, Charlotte Pembroch de Satie, who was to 
live with him until his death in 1804. There 
was a six-month stopover in Gothenburg 
where he was busy drawing the sets for a 
burlesque pantomine that was a flop. It led 
to a flaming row with the theater manager, 
whom Desprez wanted to kilL 

Tbe uncontrollable Desprez even got into 
brawls with far mhan ds gnd was threatened 
with a lawsuit He got out of his tight corner 
by calling on the long for help, but his luck 
was over. The king was murdered in 1792. A 
slow decline began for Desprez. 

Little of it shows in his work, by then 
thoroughly stilted. “Fale Bure,” the painting 
intended to immortalize the set for a tragedy 
on a medieval theme performed in 1795, is 
stale kitsch. His last substantia] painting. 
“Gustaf III at Tivoli.” is an illustrators 
□utsized image. He bowed out of the art 
scene with an ultimate schoolboyish joke, 
supposedly a decor intended for the funeral 
of Duke Frederick-Addf in 1804. A skeleton 
in drapes dances on a globe that is perched 
on an altar. Frowning busts of kings in 
medieval garb appear in niches. It was a 
farewell in character from tbe artist who died 
weeks later, almost a pauper, and sank into 
wdl-deserved oblivion. 


erf polo players, elegant women, 
ana nobles, the mysterious, seduc- 
tive femme fatale from the east was 
anything but an aristocratic dab- 
bler, she had immersed bersdf in 
painting since her arrival in Paris, 
studying first with Maurice Denis, 
then with Andr6 Lhote, two of (he 
finest instructors available. 

P AINTING was a primary 
activity for de Lempicka, 
and her passion for ait 
was both sincere and ar- 
dent. This was no baroness playing 
the bohe mian. One evening while 
listening in a bar to the Futurist 
Filippo Tomasso Marinetti call for 
the destruction of classical art in 
order to dear the way for modern 
art. she offered to drive him direct- 
ly to the Louvre to begin the aes- 
thetic Hunting (Fortunately, she 
had parked her Renanlt illegally 
and discovered that the car had 
been towed when she and Marinetti 
stepped outside.) 

Entitled “From Elegance to 
Transgression,” the show at the 
V31a Medici through May 1 focus- 
es almost exclusively on de Lem- 
picka’s work in the 1920s; the 
choice is wise, as that decade was 
decidedly her most creative. Stylis- 
tically inconsistent, de Lempicka 
was capable of both penetrating 
immediacy and puerile kitsch in 
her portraits. Her best works — 
like her celebrated 1928 portrait of 
her husband — convey an intensity 


of color alongside a forced gaiety 
that persists against good sense, 
much like the stilted, decadent 
world portrayed therein. While os- 
tensibly vibrant, her best portraits 
mask an air of immin ent disaster. 

Technically, her most s trikin g 
techniques are her use of brilliant 
reds, blues, greens and whites, and 
her variance of tone to give depth 
and movement to her surfaces. The 
bright blue-on-dark blue sportcoat 
in “Le Marquis d’Afflitto sur l*es- 
caiier” (1926) makes this portrait’s 
subject appear clothed in light Dr. 
Boucard’s white-on-white trench- 
coat in “Portrait da docteur Boo- 
card" (1929) makes him appear to 
be swathed in an armor of chrome 
or stainless steeL 

Perhaps the finest panning of the 
56 on display in Rome is “La Bella 
Rafaela" (1927,) a reclining nude 
featuring a prostitute that de Lem- 
picka met one evening in the Bois 
de Boulogne, and who frequently 


posed for the artist On loan fromin 
the collection of the actor Jacknt 
Nicholson — as are two other 
paintings on exhibit — “La Bella 
Rafaela” is skewered by flares of- 
seamy red. running from the sheet 
around the model's feet to her 
poised lips like a flaming sensual 
axis. Rafaela’ s body is an atlas of 
slopes and curves, with all blemish- 
es and imperfections (and even her . 
nipples) removed. Her form is be~P~ 
rwc and rounded, almost a hybrid™ 
between Michelangelo and Bolero. ^ 
In the mid-1930s, de Lempicka a ' 
succumbed to a deep psychological 1 *? 
crisis that led her to seek refuge far™ 
a short time in an Italian monas- 
tery; her work suffered, as is evi-™ 
denced by the lifeless, forced “sa-^ 
cred paintings” on display at V31al» 
Medici, and in the two academic 1 * 1 
still lifes. On the eve of World War* 1 
0, she left Europe for the United 
States with her second husband,- 
Baron Kuffner. She died in Mexico^ 
City in 1980. ]j 


The Buzz Around the Avedon Show 


auction sales 



By Michael Kimmelman 

New York Tma Soria 

N EW YORK — Has 
there been an exhibi- 
tion that generated 
more noise before it 
opened than the Richard Avedon 
show that is now at tbe Whitmty 
Museum of American Ait? Not this 
season, anyway. . 

First came the collective groan 
after David Ross, newly insta lled 
as the museum’s director, proposed 
it as one of the largest retrospec- 
tives ever contemplated at the 
.Whitney..,...., 

Those who knew that Ross had 
enjoyed popular successes with 
previous Avedon exhibitions at 
museums he headed, in Berkeley, 
California, and Boston, werent 
surprised. But more than a few peo- 
ple were taken aback that his first 
move at an institution dogged by 
charges of trendiness was a giganoc 
display of the work of ama^erof 
fashion photography and celebrity 

despite being scaled 
back, the show has caused an 
alarming buzz around the museum, 
Hke an approaching V-l. 

It was hard not to notice that Iasi 
week The New Yorker, where Ave- 
don is the staff photographs, was 
especially chockablock with Ave- 

^^tographs.Tbeco-puWw 

of the exhibition catalogue, wrthan 
essay by The New Yorker’s art ent- 
ic Adam Gopnik, is Rtmdom 

House, owned V 

who also owns The New Yorker- 

Eastman Kodak, the other co-pub- 

lisher, paid a diunk of the®^ 

tion’s cost. And the two companies 


recently published “An Autobiog- 
raphy,” the first book in a 10-book 
contract with Avedon. 

This show (until June 26; it that 
travels in Europe) is installed on a 
floor of the Whitney elaborately 
designed by Mary. Shanahan oi 
Avedon’s studio. The curator is not 
someone from the museum but 
Jane Livingston ( whose fee comes 
from a grant given to Avedon by 
Kodak). Livingston seems to have 
gpne out of her way to comply with 
Avedon’s desire that he be taken 
seriously as an artist, and not 
thought oi as a fashion photogra- 
pher. out of 200 photographs, 10 
are fashion shots. 

If you expect Dovima and the 
d<»pW«ni3 at the Grque d’Hiver in 
Paris, forget it Forget Sunny Har- 
nett leaning over the roulette wheel 
at the casino at LeTouqneL 1 don’t 
know whether the closer analogy is 
a Picasso retrospective without 
Cubism or a Woody Allen one 
without the comedies, but in either 
mm , the disservice is to Avedon. 
Because his fashion photographs 
are great, and the rest rarely are, 
des pite their technical brilliance. 
The asylum inmates and celebrities 
made to look like them, tbe driftezs 
from the American West and 
American muck-a-mucks in South 
Vietnam, the passengers on the 

Third Avenue H and revders at the 


- PARFUMS 
CHRISTIAN DIOR 


Brandenburg Gate are here in 
numbers that only expose Ave- 
don’s limitations. 

If all portraits are on some level 
self-portraits, as he likes to say, that 
may explain why Henry Miller, 
Dwight D. Eisenhower and Grou- 
cho Marx resemble one another in 
his photographs. Bui it doesn’t make 
tbeur portraits compefling. 


Others are, to be sure: the fam- 
ous ones of Ezra Pound with his 
eyes clamped and Isak Drnesen as a 
skull in a fur coat 
You might not weary of Ave- 
don’s conceits — above all, a cer- 
tain phony candor — had the show 
been edited. But it’s too big. and 
desperate, almost, to assert Ave- 
don's high art bonafides. 


IN FRANCE 


PARIS 


ART EXHIBITIONS 


ART NEW YOM fillf Mi 
INTERNATIONAL BhMH 

Fall* Information 

Tel: 407.220.2690-USA • Fax: 407.220.3 180-TJS A 

Xravel & Hotel Information 

ARTonrs 

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Wednesday, Apr! 6, 1994 

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Thursday, April 7, 1994 

Room 14 at 2.15 pm -JUDAICA. Expat M. Szapira ADERTAJAN, 
12, me Favart, 75002 PARIS. TeUl) 42 6l 80 07 - Ewe (1) 42 61 39 57- 
In NEW YORK please contact Kerry Maisoorouge & Co Int 16 East 
65ih Stored, fifth floor, N.Y. 10021. Phone: (212) 737 35 97/737 38 13 - 
Fax: (212) 861 14 34. 

Friday, April 8, 1994 

Room 15 at 2 pjn. - FURNITURE AND OSJETS IYART. MHXON- 
ROBERT, 19, me de la Grangs Batefidre, 75009 PARIS. TeL: <1) 48 00 
9944- Fax: (1)48 00 98 5a 

Booms 5 & 6 at 2.30 p.m. - IMPORTANT 19th & 20th Century 
PAINTINGS - DRAWINGS - SCULPTURES. Experts: MM. Padtti and de 
Louvencouit, M. Bailie. ADER T4JAN, 12, me Favart, 75002 PARK. 
Tel.<l) 42 61 80 07 - Fax: (1) 42 6l 39 57. In NEW YORK please 
contact Kerry Maisonrouge & Co Inc 16 East 65ih Street, fifth Boor, N.Y. 
1002L Phone: (212) 737 35 97/737 38 13 - Fax: (212) 861 14 34. 
Monday, April 1 1, 1994 

Boons 5 ft 6 at 2.30 pjn. - ABSTRACT AND CONTEMPORARY ART. 
Experts: Mrs. Prat, MM. Padtti and de Louvencouit ADER TAJAN, 
12, rue Favart, 75002 PARK. TeUl) 42 6l 80 07 - Fax: (1) 42 6l 39 57. 
In NEW YORK please ccruaa Retry Maisoorouge & Co Inc 16 East 
65th Street, fifth floor, N.Y. 10021. Phone (21 2) 737 35 97/737 38 13 - 
Fax: (21Z> 861 14 34. 

Wednesday, April 13, 1994 

Boom 10 at 2 pm. - FURNITURE AND OBJETS D’ART - PEWTER. 
MOUON-BOBEBT, 19, rue de la Grange Ba t e H fae, 75009 PARIS. TeL 
(1)48 009944- Fix: (1) 48 00 98 58. 

Room 1 ft 7at 2.30 p.m.- IMPORTANT MODERN PAINTINGS AND 
SCULPTURES: BELLMER, BONNARD, BORES, CAMOIN.CARLSUND, 
CARRIERE, CASSIGNEUL, CHARCHOUNE, COLIN, CSAKY, DALI, 
DIAZ de la PENA, DOMERGUE, DUFY, DUNOYER DE SEGONZAC, 
ERNST, FERNANDEZ. FERREN, JRRIEZ, GEN PAUL, GLEIZES, 
GONZALES, HANSON, HEUON, HERBIN, JANSEM. JONGK3ND, 
KUPKA, LHOTE. MAGNELU, MAN-RAY, MASCHERINL MASSON, 
MATISSE, MODIGUANI, ORLOFF, PICABIA, RODIN, HOY, ZADKINE, 
ZURN. On view at tbe auctioneer's office: March 29, 30 and 31, 
lOajm- - 1 pxn. - 2 pm -6 pm, April 5. 6. 7 and 8, 10am - 1 pm - 
2 pm -6 pm, April 9, 11 am. - 6 pm On view at the Hotel Drouot: 
April 12, 11 im, - 6 pm, April 13, 11 am - 12 am Catalo g ue on 
request at the auctioneer’s' office: FF 120. LOUDMER, 7, rue Rossini. 
75009 Paris. Tel: (1) 44 79 50 50 - Fax: (1) 44 79 50 51. 

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31, avenue George V, 75006 Paris 


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2 IMPORTANT AUCTION SALES presented by Jacques TAJAN. 
at 6 pm -XVHJth & XK* Cera. FURNITURE AND OBJETS D’ART, 
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at 8 pm. - IMPORTANT OLD MASTER PAINTINGS from the Galerie 
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2 pm-8 pm, Sunday March 27, 11 am-8 pm, Monday March 28, 
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ADER TAJtAN, 12, me Favart, 75002 PARIS. TeL: (1) 42 6l 80 07 - Fax 
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Celebrity Lectures 

Sotheby's is hosting a series of 
international celebrity lectures, in association 
with the International Herald Tribune, as part of 
our 250th Anniversary celebrations. 

The series will be launched on Wednesday, 
30th March when Neil McGregor, Director of 
the National Gallery in London, has chosen 
'Pictures for people’ as the title of his talk. The 
National Gallery was founded in the belief that 
pictures should be an essential part of everyday 
life. In this talk, Neil McGregor examines what 
this means in 1994. 

The evening begins with a wine reception 
at 6.00 p.m. in the elegant setting of Sotheby’s 
Colonnade Gallery. The hour-long lecture in 
Sotheby's renowned Main Gallery starts at 6.45 
p.m. and is followed by an opportunity to meet 
the speaker and have a private view of the sale 
of British Paintings. 

Tickets, strictly limited in number 
are available now at £12 each. 

To order by post, please complete the form 
below and return it to: 

Sotheby’s. 

Freepost 15 (WD 317), 34-35 New Bond Street, 
London W1E 8YZ 
or telephone: (44-71) 234 841 043 
or fax: (44-71) 234 841 041 

International Celebrity Lecture 
Ticket Order Form 

Please send me tickets to the lecture on 

'Pictures for People ' by Neil McGregor, at 6.00 p.m. on 
Wednesday 30th March at Sotheby 's. New Bond Street, 
each at £12 {ReflHT). 

Name—— — 

Address — 


□ Enclosed a cheque payable to Sotheby's for £ 

or please charge my □ American Express □ Visa 
Q Access/MasterCard 

Card No: 

Expiry Date 

Signature Dale 


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]Page 8 



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Economic Reforms Begin to Reap Results 



he piush four- 
story headquar- 
ters building of 
the ruling 
Bangladesh Nationalist Par- 
ty (BNP) in the center of 
Dhaka is flanked by car 
showrooms and banks. The 
showrooms are filled with 
glittering new or recondi- 
tioned imported cars, a re- 
sult of the BNP govern- 
ment's policy of reducing 
tariffs on imports and liber- 
alizing the import policy as 
pan of its economic reforms. 

For a brief time in Febru- 
ary and early March, there 
were doubts about whether 
the government would pur- 
sue the economic reforms 
and carry out the structural 
adjustments that it had 
planned, in agreement with 
the World Bank-led Aid 
Bangladesh Club. The BNP 
had lost out to the main op- 
position party Awami 
League in the prestigious 
mayoral elections in two of 
the fom main cities of the 
country - and those two 
cities were the capital, Dha- 
ka, and the main port city, 
Chittagong. Although the 
BNP won the elections in 
the ocher port city, Khulna, 
and the university town of 
Rajshahi, questions were 
raised within the party as to 
whether the setback was due 
to the painful aspects of eco- 
nomic reforms, such as the 
golden handshake given to 
surplus labor and the shut- 
down or sale of various 
state-owned or government- 
controlled mills and facto- 
ries. 

Finance Minister Saifur 
Rahman announced, howev- 
er, that there will be no go- 
ing back to the days when 
the government did com- 
mercial business and pro- 
tected inefficient or outdated 
industries. Mr. Rahman also 
said that the painful period 
of the economic reforms - 
during which macroeco- 
nomic management policies 
are being put into effect - 
was going to be over soon 
and that the benefits of these 
reforms and policies would 
soon be felt. 

On March 17, Mr. Rah- 
man, Commerce Minister 
SharnsuJ Islam and Minister 
for Industries A. M. Za- 
hiruddin Khan took a major 
decision in this, regard: $25 
million worth of shares of a 
gas company and two oil 
marketing companies - as 
well as some shares of large, 
public-limited companies 
held by the government - 
would be sold to the public 
through the Dhaka Stock 
Exchange. 

Another decision con- 
cerned several privately 
owned general insurance 
companies, which were al- 
lowed to be launched more 
than three years ago on the 
promise that at the end of 
three years, they would be 
converted into public-limit- 
ed companies. They are now 
required to do so. 

The government ministers 
also agreed to permit several 
new insurance companies to 
start business. In addition, 
the government will consid- 
er turning its huge general 
insurance company, Sadha- 
ran Bima Corporation, into a 
reinsurance company. 

Mr. Khan believes that the 
creation of a broad-based 
share market will help at- 
tract investment and create 
capital. He feels that this is 
also fair to the public, partic- 
ularly where the opening up 
of the government’s re- 
sources for business is con- 
cerned. His ministry is now 
going to consider selling 
shares of the country's large 
government-owned fertilizer 
factories. 

Meanwhile, the ordinary 
people of Bangladesh and 
many business executives 
are showing exceptional en- 


This advertising section 
was produced in its en- 
tirety by the supplements 
division of the Interna- 
tional Herald Tribune’s 
advertising department. 
• ft was written by Ataus 
Samad. a Dhaka-based 
free-lance writer and 
BBC correspondent. 



Investing in education and industry: Prime Minister Khaleda 
Zia (top) and Minister for Industries Z Khan (bottom). 


trepreneurship and a can-do 
spirit, thus helping to fuel 
the economy. Thousands of 
poor Bangladeshis, mostly 
from villages, are still going 
to foreign lands - mainly 
Saudi Arabia, the Gulf coun- 
tries and Malaysia - as la- 
borers. According to gov- 
ernment statistics, nearly a 
quarter of a million 
Bangladeshis went abroad 
last year to work, and they 
sent back foreign remit- 
tances worth more than $1 
billion. The Agrani Bank is 


now supporting this export 
of labor by giving workers 
loans for airfare and com- 
missioning employment 
agents. Bangladesh Biman, 
the country’s national flag 
carrier, registered a passen- 
ger-traffic increase of 5 per- 
cent last year over the previ- 
ous year, mostly on the Sau- 
di Arabia and Kuala Lumpur 
route. The carrier flies to 
more than 28 foreign desti- 
nations. 

Another big success is the 
garment sector. About 1.600 


garment companies export- 
ed $1.24 billion worth of 
clothing in the 1 992-93 fis- 
cal year the current trend in- 
dicates a further increase this 
year. Shrimp culture and 
fish-farming have been ex- 
panding rapidly. Frozen fish 
exports earned Bangladesh 
more than $200 million in 
fiscal year 1992-93. 

Most important of all. 
Bangladeshi villagers - 80 
percent of the country's pop- 
ulation - have continued to 
increase grain production. 
Last fiscal year, rice and 
wheat production reached 
19.51 million tons, which 
brought the country close to 
self-sufficiency. It follows 
that there is good potential 
for an increase in demand 
for goods and services with- 
in the country, although the 
government and most econ- 
omists believe that the safest 
way to bolster foe economy 
would be through export-led 
growth. 

Business activity is defi- 
nitely picking up. The man- 
aging director of foe Janata 
Bank says that the demand 
for credit is on foe increase. 
A senior official of the Inter- 
national Finance Investment 
and Commerce Bank Limit- 
ed (TFIC) says that foe bank 
opened more letters of credit 
in foe past two months than 
in the previous two. 

Investment in industry, 
however, remains sluggish. 
For example, the Sonali 
Bank, the country's largest, 
sanctioned 1.69 billion taka 
($42.25 million) in industrial 
loans in the last fiscal year, 
but borrowers made use of 
only slightly more than half 
of it. The entire amount 


sanctioned by the Sonali 
Bank as working capital, 
however, was used. 

“The most important thing 
for me,” says Mr. Khan, “is 
that I find that people are 
clothed, they look healthy 
[and] more children are 
coming to school, which is 
probably foe result of Prime 
Minister Begum Khaleda 
Zia’s initiatives like appeal- 
ing to mothers to put chil- 
dren in school and the 
launching of the food-for- 
education program in order 
to make the target of univer- 
sal primary education suc- 
cessful.” 

How does Mr. Khan as- 
sess Bangladesh’s invest- 
ment potential over the next 
five years? After foe “explo- 
sive growth of foe garment 
industry,” he says, related 
industries - such as the man- 
ufacture of fabric, sewing 
thread and buttons - offer 
veiy good opportunities for 
investors. He also encour- 
ages investment in pulp- and 
paper-making from green 
jute. Mr. Khan says that in- 
dustrial paper and pulp will 
be produced from jute in the 
country during the jute sea- 
son. In addition, he expects 
about 10,000 tons of these 
products to be exported 
.abroad initially. He says that 
by the end of foe year 2000, 
Bangladesh will produce 
170.000 tons of industrial 
paper-making-grade jute 
pulp and 5,000 tons of ray- 
on-grade pulp. “We will 
welcome both local and for- 
eign investors to be our part- 
ners in joint ventures manu- 
facturing jute pulp and pa- 
per.” be says. 

In this context, Mr. Khan 


? Vi 


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Bangladesh— the land of 



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points our that foreign in- 
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money from Bangladesh on 
both current and capital ac- 
counts as a result of the abo- 
lition of many of the for- 
eign-exchange regulations- 
Meanwhile, Bangladesh is 


about to embark on a nuyor 
construction project - the 
$700 million bridge over foe 
river Jamuna. 

This will be the longest 
bridge in foe country, and 
the first to effectively link 
the eastern and western seg- 


ments of Bangladesh. The 
immediate importance of the 
start of work on the Jamuna 
Bridge, however, is that the 
project will spark off a great 
deal of economic activity 
and much more hope for the 
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International Herald Tribune, Saturday-Sunday, March 26-27 , 1994 


Page 9 £ 





Asta/Pacitic 


Appro. weighting: 32% 
O 08 C 12729 Prevj 12733 


Europe 


Appro welgMkig; 37% 
Close: 1 11 .ffiPiw-tlzra 



O N 

1993 

1! World Index 

The Index Hacks U.S. dotar tabes ol stocks in Tokyo, New York, London, and 
kigmdbm. AnotraSo. Auetrte, Beigban, Biwfl, Canada, Chfla, Denmwx, FMand, 
Ranee. Germany, Hong Kong, Italy, Undeo, Nethertanda, New Zealand, Norway, 
Singapore, Spain, O we da n , Sw tawl a nd and Venezuela. For TtAyo, New Yak and 
London, the Max k gaipoaatf at the 20 top issues It term* ct nariateo pBdbu l a n, 
otherwise 9 k Hen top stocks am backed. 


1 Industrial Sectors [ 


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Capital GoodB 

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tar Materials 

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Branca 

115*2 116.12 -0.43 

Conaunar Goods 

07.40 

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Service* 

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12850 

12957 

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For mom Information about the Indax. a booftiet is available fma ol charge. 

Write to T^} Index. 181 Avenue Charles de GauBo, 92521 NwOy Cedox, ftanca 


O International Herald Tttwna 


Japan Hits 

Coca-Cola 
On Taxes 

Payment Sought 
Of $ 142 Million 

By Paul Blustein 

Washington Pasi Sendee 

TOKYO — Japanese tax authori- 
ties have charged Coca-Cola Col's 
Japan unit with understating its in- 
come, Coke said Friday. The com- 
pany said it planned to fight To- 
kyo's demand that it pay a 15 billion 
yen ($142 nriffiou) in back taxes. 

The development matte a strik- 
ing reversal of die recent trend in 
which U.S. tax authorities have 
been cracking down on alleged tax 
avoidance by Japanese-owned 
companies operating in the United 
Stales. American politicians from 
President BiQ Clinton down have 
vowed to toughen enforcement 
against foreign-affOiated firms. 

The charges against Coca-Cola 
also come at a time of heightened 
U.S.-Japan trade tensions. But 
chances appear low that Tokyo 
brought the case out of pique over 
trade, because Japanese negotia- 
tors have long cited Coca-Cola as 
one of the most successful foreign 
operations in Japan. 

The National Tax Administra- 
tion's case against Coca-Cola is 
based on the assertion that the 
company's Japanese affiliate paid 
excessive royalties to its parent in 
Atlanta, remicipg its Japanese in- 
come by about 5352 milli on from 
1990 to 1992. 

If die Japanese affiliate pays 
more royalties to the parent, it 
would reduce its income in Japan, 

. where the maximum corporate tax 
rate is a stiff 52 percent, while in- 
creasing its income in the United 
States, where the maximum tax rate 
is a more moderate 35 percent 
Japanese officials have indig- 
nantly cited die higher tax rate in 
Japan as evidence that multina- 
tional companies are more likely to 
understate their Japanese income 
and overstate their tl S inraunr 
But Coca-Cola maintained that 
in practice it would have no motive 
for cheating Tokyo because “any 
potential tax liability in Japan 
would be offset by tax credits in the 
United States.” 


Fallout from the Bailout 

Credit Lyonnais Plan Irks Competitors 

ma gni tude. The stale also will g uarantee Up to 
billion francs in potential losses from doubtful 

in « i 


By Jacques Neher 

International Herald Tribune 

PARIS — To prevent the collapse of Crfdit 
Ly onnais, the European Union will be forced to 
ignore the angry competitors of the giant state-run 
bank and allow France to pump in as much as $4 
billion of public money to recapitalize the bank 
and clean up its balance sheet, analysis and legal 
experts said Friday. 

Ukeniog the situation of Credit Lyonnais to the 
American savings and loan crisis, they said the 
European Commission would have no choice but 
to aixept the argument that it is the state's respon- 
sibility to keep the bank viable, even if the bailout 
conflicts with EU restrictions on any state aid that 
distorts competition. 

What’s more, some said the chances for the plan 
to sail through were improved by the choice of 
Pascal Lamy, the cabinet chief of the commission 
president, Jacques Delors, lojoin the top manage- 
ment of the Dank. He will probably take the 
number two position under the chairman, Jean 
Peyrel evade, though he has no experience in the 
banking industry. 

“Pascal Lamy knows everything about slate aid, 
and he will be of great help guiding the bank on 
this,” said Olivier d'Otmesson, a lawyer at Gide 
Loyrette Nooel in Brussels. 

TTiear wnmkg rtn is nm» tn Inimnh an inquiry inrp 

the bailout, but Mr. Lamy said he would not get 
involved. 

“It’s a question of ethics.” he said. “I cannot and 
will not look at this dossier.” 

The bailout plan, announced Thursday, calls for 
the state and two stale-owned shareholders, Thom- 
son CSF and the Caisse des Dtpdis & Consigna- 
tions, to inject 4.9 billion francs ($859 million) of 
new capital into the bank immediately, to be 
followed later this year by arights issue of the same 


18.4 

real 

estate loans, part of the 40 billion francs in loans 
(hat are to be lifted from the bank's Man«? sheet 
and placed in an ad hoc company under the bank’s 

management. 

The bank has been weakened by 8.7 biffian francs 
of losses over the past two years — nv- hvfrng 63 
billion in 1993 — following an aggressive and ill- 
fated expansion, into real estate, industrial invest- 
ments and the movie business over recent years. 

On Friday, Sod&e General e, one of France’s big 

This is not just a legal 
problem, but an economic 
and political problem.’ 

Olivier d’Onneason, a Brussels 
attorney 

c omm ercial banks, outshone its maw rivals by 
reporting an 1 1 percent rise in 1993 net profiL 
(Page 11) 

While the European Commission is likely to 
seek some modifications of the Credit Lyonnais 
bailout, insiders said ir was unthinkable that the 
plan would be rejected. 

”1116 U.S. government helped tbeS&Ls, and it 
is the responsibility of the French state, as Crfedit 
Lyonnais' shareholder, to do the same,” a source at 
the commission said in Brussels. 

Experts said the issue goes beyond the usual 
considerations for state aid to industry, which 
typically turn on the question of whether the 

See BAILOUT, Page 10 


Stocks Struggle 
In Aftermath of 
Mexico Slaying 


By Lawrence Malkin 

International Herald Tribune 

NEW YORK — Stock prices feD 
Friday as investors struggled to as- 
sess die effect of die assassination 
of Mexico's leading presidential 
candidate and wrestled with uncer- 
tain signals from government poli- 
cies and the economy. 

The Mexican slock market gen- 
erally fared better than many had 
forecast, but the Dow Jones indus- 
trial average, which fell 48.37 
points Thursday, was off another 
4636 points on Friday. The mar- 
kets in New York had been weak- 
ened in particular by a bearish 
bond mantel; the benchmark 30- 
year Treasury bond stumped more 
than a half pant to show a yield of 
7.0] percent. 

John Lipsky, chief economist at 
Salomon Brothers, said investors 
and traders were “unsure about 
both policy developments and eco- 
nomic f nTiHamt-ntn'K " 

He asked: “Are they to return to 
business as usual? Is there really a 
chance for a sustained period of 
low inflation?” 

In London, Paul Chertkow, chief 
strategist for UBS Securities, raised 
a smflar specter of uncertainty and 
said “people have been trading off 


of sunspots” since mid-Fe 
— when Japan esr-American 
talks broke down, big funds 
dumped bonds and long-tom in- 
terest rates rose — and “entirely 
ignoring the fundamentals of the 
econ o my.” He blamed both the 
UJS. Federal Reserve Board and 
the Bundesbank for “faffing to give 
clear signals.” 

Carl Pal ash or MCM Moa- 
eywatch said the behavior of both 
bonds and stocks was typical of a 
weakening or bear market. In 
which people think differently 
from a bull market.” 

In this kind of market, for exam- 
ple, bond traders focus on strong 
statistics and ignore weak ones be- 
cause the stronger ones confirm 
their fears that the economy is 
growing too fast Political develop- 
ments, meanwhile, from Moscow 
to Washington have given markets 
little comfort. 

In Mexico, meanwhile, markets 
reopened after a one-day closing in 
response to the assassination of 
Luis Donaldo Colosio, who had 
been campaigning to succeed Presi- 
dent Carlos Salinas de Gortari. 

The Mexico City market's main 
slock index was off about 1 percent 

See MARKETS, Page 10 


Seoul Offers Improved Market Access to Tokyo 


By Steven Brull 

International Herald Tribune 
TOKYO — Aiming to attract 
capital that is flowing increasingly 
into China and Southeast Asia, 
President Kim Young Sam of 
South Korea offered Friday to im- 
prove access for Japanese goods 
and businesses. But he provided no 
details of the proposed changes. 

In an address, Mr. Kim remind- 
ed business leaders of Seoul's irrita- 
tion with its chronic trade deficit 
with Tokyo, which widened last 
year to $8.4 billion from $7.9 bD- 
hon a year earlier. But he said 
South Korea would try to narrow 
the gap through increased exports 


rather than by restricting imports. 

Mr. Kim, noting that the yen's 17 
percent rise against the South Ko- 
rean won had made Japanese goods 
less competitive, also Wiled com- 
panies to step up investments. He 
said Seoul had opened more sectors 
to foreign capital and simplified 
procedures for acquiring land. 

But if it was short on specifics, Mr. 
Kim’s appeal which came in the mid- 
dle of a inre^day visit daminalcd by 
North Korea’s reported attempt to 


devdop a nudear bomb, drew only a 
perfumery Japanese response, 

“We are now wflfing to ladde such 
matt ptc as trade issues, investment 
and technological exchanges between 
the two countries from a fresh pant 
Of view,” Gwrfri Hhuhra, chairman 
of Kddamen. Japan’s biggest busi- 
ness federation, sad. 

StiQ, Mr. Kim’s speed) marked the 
b eginning of a less confrontational 
approach by Seoul, winch has long 
seen Tokyo as its main economic 


rival In the past, Korean leaders is- 
sued Hunt demands for Japanese 

S transfers and, pointing to 
rade imbalances, offered 
6 fnr dgca n ri naiof y ham . 
as to Japanese imports. 

Now, however, Seoul is increas- 
ingly aware that foreign investment 
is the key to narrowing this trade 
imbalance. 

“Korea has reached a point 
where they need foreign direct in- 


ECOHOMIC SCENE 


A Judgment on Lawyers 


N 


By Peter Passell 

New York Times Service 

EW YORK — KATE: For someone 
who has nothing nice to say about law- 
yers, you certainly have enough of them 
around. 

GARFINKLE: You have to. They’re like nudear 
warheads. They have theirs, so you need yours, but 
. . . they’re only good in their silos. — “Other Peo- 
ple’s Money, ” by Jerry Stone r. 

Looking for a new reason to blame lawyers for it 
all? Economists are at your service. 

One recent study documented a strong negative 
link between the proportion of law graduates in a 
country’s work force and its rate of economic 
growth. Another estimates that litigation between 
companies on average reduces their combined 
stock value by 1 percent — real money in a world 
of multibiltioD-dcdlar corporations. 

But, as many a learned counsel would be happy 
to paint out, there is a seeming contra d i c ti o n in 
economists’ distaste fa lawyers. Modem econom- 
ics is built cm (be rock of competition and free 
choice. If lawyers, who are certainly competitive, 
can find willing customers for their services, where 
do economists get off second-guessing the market? 

Not to wary, lawyer-bashers. Two seasoned 
practitioners of the dismal science, Oriey Ashea- 
f elter erf Princeton and David Bloom erf Columbia, 
have just come up with an explanation. 

Comp etitive markets do sometimes fail to pro- 
duce efficient outcomes, they note. And they be- 
lieve that the market for legal services fails m a 
particularly perverse and fascinating way, known 
mtbe jargon of tbe mathematical theory of games 
as “the prisoner’s dilemma.” 

Consider a pair of criminal suspects, each held 
incommunicado. There is no direct evidence of 
their guilt, so they can be convicted only if one 


confesses. Hence, the prosecutor offers each a deaL 
If only one turns state’s evidence, he goes free 
while the other receives a stiff sentence. If both 
confess, they both go to jail, although the sen tenets 
are less severe. 

If the two could coordinate their strategies, 
neither would confess, and neither would go to jail . 
But tince neither can be sure what the other will 
do, both have an incentive to act in a mutually 
destructive way . 

A confesBan, after all, means either freedom or 
a Hght sentence. Hanging tough while the accom- 
plice confesses brings the worst possible outcome, 
what game theorists call “the sucker's payoff.” 

The prisoner's dilemma is old news to mititaiy 
strategists. It figures in every anus race and may go 
a long way toward explaining wire cold ware be- 
come hot ones. But what does it have to do with 
lawyers? 

Take Smith and Jones, who disagree about the 
ownership of $100,000 worth of property. They 
can settle the dispute cheaply by splitting the 
difference or by asking a neutral party to arbitrate. 
Alternatively, either can hire a lawyer fa $10,000 
to represent him in a formal proceeding. 

Joses believes that by hiring counsel while 
Smith does not, he can improve ins chances erf 
winning by at least enough to make Ins $10,000 
expenditure worthwhile. Likewise for Smith. On 
the other hand, if both hire lawyers the value of 
legal representation is neutralized, and the total 
aze of the pie to be split between the two parties is 
reduced to $80,000. 

So one might expea tint Smith and Jones would 
cooperate — that is, that the incentives offered 
each erf them by the free market would lead them to 

See LAW, Page 11 


IBM to Focus 
On Smaller 
Computers 

By Steve Lohr 

New York Times Service 

NEW YORK — In what be 
called a “glimpse at our play book,” 
the IBM chairman, Louis V. 
Gerstner Jr, has said that the com- 
pany’s strategy will focus on gain- 
ing ground in the fast-growing cor- 
porate market for smaller 
computers linked in networks. 

He also said IBM would try to 
increase the badness payoff from 
the company’s research programs. 

The two goals led a six-point list 
of objectives that Mr. Gerstner out- 
lined Thursday at a meeting with 
reporters and analysts. 

Tbe other four strategy initia- 
tives, he said, are: becoming a lead- 
er in tbe new market for multime- 
dia networks that can handle video, 
voice and data; putting more prod- 
uct and industry specialists m the 
sales force; stepping up efforts in 
wwf g in g computer m&dtcts like 
Oiina and Latin America; and ex- 
piating IBM’s size to reduce its 
costs and increase sales. 

Yet, in his manifesto for change 
at International Business Machines 
Coro., Mi. Gerstner stressed that 
white strategy was important, it 
was action, not plans, that counted. 

SSnra he joined the ccanputer com- 
pany a year ago, Mr. Gerstner, the 

See IBM, Page 10 


CURRENCY & INTEREST RATES 


REPUBLIC OF LEBANON 

COUNCIL FOR DEVELOPMENT AND RECONSTRUCTION 
MINISTRY OF TRANSPORTATION 


INVITATION TO BID 

The Lebanese Government, represented by the Ministry of Transportation and tbe Council for 
Development and Reconstruction (CDR), is launching an international tender for the supply of buses. 

Tbe tender will comprise 140, 7.5 to 9 meter long buses, with a capacity of 40 passengers, of which 
20 seated, for the urban public transport (mainly Beirut). 

Suppliers will have to deliver the 140 buses fully fitted for use in several equivalent lots spread on a 
maximum duration of 1 8 months. 

Financing is available from the Italian Government for Italian suppliers. Non-Italian suppliers are also 
invited to participate to the tender on the condition that their offer be linked to a financing proposal. 

Tender Documents will be available at tbe CDR office at the cost of US$ 2,000 (Two Thousand US 
Dollars) as from Thursday, 24 March 1994 at the following address: 

Council for Development & Reconstruction 
Tallet El-Seray - PO Box 116-5351 
Beirut - Lebanon 

DeadLine for returning the duly completed document with all requested justifications is 12:00 noon 
(Beirut Local Time) on Thursday, 26 May 1994. 


nates Mar. 25 

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, tur ana dollar: onto of HO; NO.; not mntiod; NAj not 

o bov om pouna, a- 


Eurocurrency Deposits 


Dollar Mtort 


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Prone 


5ferUas 


F refit* 

Franc 


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S.Kar.ma SRM 
stood, krais 7SU9 
new* 2ui 

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VMM Ira 21704. 
UAEdimm 167 
VMLUtr. 11440 


Key Money Rates 

united Siam 
Dbawatraie 

Prime rate 
Fodom foods 
S-monthCDi 
Coaim. memo dan 
JenaattTroamry MU 
l-rear Treasury bHl 
Wear Tremary note 
Wear Treasury note 
T ye ar Treasury note 
l*fw Treasury arte 
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tfrdey cu rrency 3*do» today *■ day 

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411 403 

424 417 

413 454 

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465 470 

437 435 


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3 monffi Mata* 
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France 

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vatoate Interbank 
ImMffclnterfim* 


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5* 5V. 

51b 514 

737 748 


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T-moaf* Morbask 


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cat money 
T-moribiBteiDaok 


lfryeorBana 


400 400 

' U 4 V. 

t* 414 
«K i«V 
i*. I* 

Tg TurflftT 45? 455 

Sources: Routers, Bloomtnro, Merrill 
Lynch. Bank of Tokyo, Commenbonk. 
&*enweu Mortoyu, Croat Lzvmis. 

Gold 

AM. pm. aite 
ZBricta n a. 391^5 +1-B- 

LOMO0 3?uo +a» 

Now York ynJD 3S12D _ - 0-7B 

£/_S. Collars per ounce. LenanofnctofO* 
loot: Zurich aid New York onentnV andOa- 
kvorkov Now York contox (April! 

Stijrco: Reuters. 


REPUBLIC OF LEBANON 

COUNCIL FOR DEVELOPMENT AND RECONSTRUCTION 
MINISTRY OF HYDRAULIC AND ELECTRIC RESOURCES 


INVITATION TO BED 

The Lebanese Government, represented by the Ministry of Hydraulic and Electric Resources and the 
Council for Development and Reconstruction (CDR), is launching an international tender for the 
supply and the construction of the electrical line of Dbayeh pumping station from the power 
generation plant of Zouk. 

This supply will comprise two 66 KV buried electric power lines (3 x 300 mm 2 , 15 MVA each) on an 
approximate length of 4,100 m and all relative works including connection equipments. 

Suppliers will have to deliver a fully fitted and ready for use supply within a maximum duration of 39 
weeks. 

Financing is available from the Italian Government for Italian contractors. Non-Italian contractors are 
also invited to participate to the tender on the condition that their offer be linked to a financing 
proposal. 

Tender Documents will be available at the CDR office at the cost of US$ 500 (Five Hundred US 
Dollars) as from Thursday, 24 March 1 994 at the following address: 

Council for Development & Reconstruction 
Tallet El-Seray - PO Box 116-5351 
Beirut - Lebanon 


Deadline for returning the duly completed document with all requested justifications is 12:00 
(Beirut Local Time) on Thursday, 26 May 1994. 


noon 


vestment to boost their technologi- 
cal level" C.H. Kwan. head of 
Asian research at the Nomura Re- 
search Institute, said. “But Japa- 
nese investment is shifting to 
Southeast Aria and China, and 
they’re being left behind.” 

Japanese investment in South 
Korea rose 19J percent to $159 
milli on in the six months through 
September 1993, compared with 
the corresponding penod a year 
earlier. 


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Page 10 

market diary ~ 

Geopolitical Woes 
Keep Dollar Flat 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 26 - 27, 1994 


Via Aaaodned %mi 


. NEW YORK — Prospects for 
mieresr rates in Germany to remain 
higher than m the United States in 
coming months aod political con- 
cerns aovenng over North America 
kept the dollar pinned (town Friday. 

The dollar ended New York 
trad ing at 1.6655 Deutsche marks, 

fwHin Exchange 

a fresh five-month low and down 
from 1.6680 Thursday. The U.S. 
currency was near steady against 
most other currencies, ending at 
104.85 yen, compared with 104.55 
Thursday, at 5.7100 French francs, 
compared with 5.7038, and at 
Z.4I68 Swiss francs, compared with 
1.4165. The pound edged up to 
$1.4987 from SLOTS. 

“It’s becoming a classic bear 
market in the dollar,” said Jerry 
Fg»n. managing director of foreign 
exchange at MTB Bank. “It's bard 
to get hurt if you're short the cur- 
rency” 

The assassination of Mexico's 
leading presidential candidate 
Wednesday ignited concents about 
overall political stability hi North 
America, given the Whitewater af- 
fair that continues to dog President 
Bill Clinton. Crumbling U.S. stock 
and bond markets also eroded con- 
fidence in dollar. 

Mexico's central bank bought 
IfeTAeoirreacv aaainsuhe dollar 


after the assassination of Luis Don- 
aldo Coloso. Still, the dollar rose 
to 33586 pesos from 33260 pesos 
Wednesday. The peso did not trade 
Thursday because banks were 
closed for a day of mounting. 

The dollar was pressured against 
the German currency by Bundes- 
bank President Hans Tietmeyer's 
comment that there was “contin- 
ued reason for caution” in setting 
monetary polity. He said the recent 
large increases in German money 
supply “could signify the buildup i 
of new inflationary potential.” ! 

The Bundesbank is considered 
unlikely to cut German interest 
rates as long as inflation is a con- 
cern. Despite an increase in UJL 
rates this week, German rates are 
still two percentage points higher, 
making mark-dcnommatsd depos- 
its more attractive. 

A drop in the sale of previously 
owned homes in the United States 
in February also undermined the 
dollar, analysts said. 

"The home sales report was just 
another nail in the coffin," said Al- 
bert Soria, forrign-exchange manag- 
er at Kansallis Osake Pankki, a 
F innish bank in New York. 

Investors were beginning to set 
positions before the release next 
week of the U.S. employment re- 
port for March. A jump in job 
creation could turn the dollar’s 
trend around, analysts said. 

(Bloomberg, AFX) 



Dow Jones Averages 

Open Htgti Low Las dm. 

Indus 3877.13 3826.85 3774J3 377473 —46.36 
Tram 1716*1 1723*7 170481 1714*6 + 083 
Uta 204-22 204-5® 302.15 202.15 —1.91 
Comp 1362*4 136146 1150.33 133033 -045 

Stondard A Poor’o indon— 

High LOW OOM CtffM 
Industrials MUt 539*4 539.45 — 485 

Tramp. 419.30 *16*5 *17*2 +011 

utilities 16079 159.12 159.36 — 044 

Finance 4179 4333 4133—042 

SP 500 46539 46058 46058 —377 

SP 100 43078 42575 42577 —4.15 


EUROPEAN FUTURES 


Metals 


NYSE Indexes 


NYSE Most Actives 


TelAAex 

ChfYSJr 

IBM 

GnMotr 

UntiW 

KLM 

ABaa 

BIOCkE 

aticoro 

RflEmon 

Unisys 

Man* 

FOnJM 

ConrPr 

WalMrts 


Mah 

Law 

Lost 

63 

60% 

62% 

56% 


53% 

56% 

53% 

53% 

; 50% 

57 

57 

22% 

21% 

21% 

23% 

23% 

23% 

26% 

25% 

26% 

27% 

26% 

27’i 

38% 

37% 

37% 

34% 

34% 

34% 

15% 

15% 


30% 

W% 


61% 

60% 


17% 

15% 

15% 

28 

27% 

Z7% 


Q xnuoslfn 25043 35678 ZS679 —167 

Industrials 31978 3167B 31679 —039 

Transp. 3*053 26059 36459 —048 

Wittily 21457 212.90 213.12 — 035 

Finance 712.93 21135 21139 —178 


NASDAQ Indexes 


Mgfa Low lust On. ! 

Composite 78754 78379 78379 — 239 

InduUrtds 83057 82459 82459 —453 

Banks 691.10 6®UM 69072 ,237 

insurance 91452 91053 91053 —355 

Finance 90055 897.59 899.95 + 154 

Transp. 797.97 79473 79658 -173 

Telecom 17077 16972 169.72 —Oil 


AMEX Stock Index 

HUH Low Last Cap. 
47054 46871 46853 —173 

Dow Jones Bond Averages 

Pr«y luw> Today 


ALUMINUM [HIM Grade) 
Dolton ser mrtrtc ton 
Soot 130850 130950 

Forward 133200 133300 

COPPER CATHODES (KM 
Dollars per none ton 
Sped 1946*0 1947*0 

Forward T9S6J50 195770 

LEAD 

Mlora mr - PtMetai 
Spat 45200 45370 

Forward 46550 46670 

NICKEL 

Dollars oar metric too 
Seal 56807 0 569070 

Forward 575070 573570 

TIN 

DoHan par metric ton 
Spat ' 545070 546070 

Forward 5S10DD 550070 

ZINC (Special Hteb Grade) 
Dalian par mew cion 
SOOt 94150 94650 

Forward 96650 96670 


pravtous 

BM Ask 


130170 130270 
132670 132770 


192050 192950 
194170 194270 


45170 45200 
46570 46670 


Htoh Law Lost Settle OiVe 

Jan MOTS 13975 14075 JAB +170 

iM 14150 14170 14150 141 JD +170 

AM 14370 14273 1470 14370 + 1*0 

SOP 14570 144J5 14475 M4JS +0* 

Oct 1*050 14750 14750 1*7.75 +075 

Nov 15025 14950 14975 14975 + 050 

Dec 151-50 15170 15LSD 151.50 Unch. 

Jan 15135 15293 1522S 13223 Untt. 

| Fab 15250 152JD 15250 15270 Untfv 

Est. velum*: 9.1 18. Opan inL 106377 
BRENT CRUDE OIL (IPO 

U5.daOars par bareHats of 17N barrels 


94270 94370 
96270 96370 



U.15 

13*2 


14J1 

+ 022 


1108 

13*2 


ELM 




13*8 

13*5 

13*5 

+ 00* 


1006 

13.99 

1402 

14.13 

+ 0.17 

Sop 

1016 

14JO 

14.11 

1010 



14L26 

1421 

1421 

1420 

Unch. 


1426 



1425 

— M3 


14*9 

14*5 


11*8 

U-ntt. 

Jim 

K.T. 

K.T. 

fLT. 

1450 

—0*1 

Est. volume: 

30*63. 

open Ini. 130757 


Financial 

High Low dose Change 

3-MONTH STERLING CUFF El 
1308700 - pts Of UN PC! 

JOB 9676 9455 9456 — 077 

Sep 9658 9478 9646 — 078 

Dec 9479 9197 9618 —077 

Mar 9358 9350 9376 —079 

Jen 9349 93.11 9330 — 0.17 

SOP 9378 9256 9279 —0.19 

Dec 9277 9230 9250 — 026 

Mar 9240 9270 9272 —074 

Jan 9153 91.75 91.90 — 023 

Sep 9159 9152 9157 —076 

Dec 9170 9173 9150 —074 

Mor 9170 71.16 9130 —077 

EsL volume: 159742 Opan ML: 443727. 
frMONTH EURODOLLARS (L1FFR) 

Si mUUaB-pfsaf lMpd 


Stock indexes 

HM Law aase Change 
PTSE UO (LIFFEJ 
125 par tadn patad 

I Jan 31477 30817 31387 +137 

SOP N.T. N.T. 31317 +137 

Dec N.T. N.T. 31657 +160 

EsL volume: 23597. Open InL: 57.941 




llrtT’l 



Jon 

95*5 

95*4 

Step 

95L23 

9532 

Dk 

9077 

907* 

Mr 

9151 

9051 

Jan 

N.T. 

N.T. 

See 

N-T. 

N.T. 


20 Bands 
lOUtnmas 
TO Industrials 


NASDAQ Most Actives NYSE Diary 


MARKETS: Stocks Struggle 


VoL Hbb Low 
19ta 19 
35** 3Zta 
MV* 22% 

74V* 6816 

12 10 
09% 87 

24% 24 Hi 

23% 21H 
34% 321* 

21* 19* 

9V» BWd 
28% 27% 

70H 69H 
36V* 33% 

23 22H 


Lost dm. 

19V* — V. 

33 — 1% 
221* —3V. 

71H — 1% 
urn —VS 
87% + % 

24% — H 

22 % — 3* 
32*. —IV. 
19% — H 
8*4 *Vh 
28 + ta 

696, — V> 
35% — % 
234* - 


Advanced 
Dacflned 
Unchanged 
Total issues 
NewHtahs 
New Lows 


AMEX Diary 


Continued from Page 9 

; late in the day, only about one- 
quarter of the amount it feD at the 
; opening. 

A S6 billion line of credit ar- 
1 ranged with the United States 
; helped stabilize conditions, as did 
I an offer by the Mexican central 
j bank of douar-guarameed bonds. 

“People might be waiting for the 
: next step by the government,” said 

IfA Stocfcs 

' Felix Boni, chief of Research for 
. Inieractiones in Mexico City. 

“If we are no closer to a having a 
; successor in the next few days,” he 
■ said, referring to a new presidential 
: nominee for Mexico’s governing 
party, “we could be in for the worst 
i of all posable worlds, which would 
1 be a slow 'Chinese water torture' 
instead of a quick, dean correction 
• in the market” 

Possibly to give themselves time 
to find the new nominee, the Meri- 
: can authorities announced Friday 
dial the stock market, banks and 
other financial institutions would 
be dosed next Wednesday and 
Thursday to mourn the slain candi- 
date. 

But, as Mr. Lipsky pointed out a 
slow degradation is precisdy what 


is happening in many of the world's 
major markets. 

Wall Street’s bull market is dying 
the death of a thousand cuts as the 
Fed slowly tightens credit. Europe 
can see the light at the end of the 
recession tunnel audits exports are 
better than expected, bat this is not 
being reflected in its markets. And 
in Japan, where the central bank is 
finally starting to loosen up, mar- 
kets act as though they refuse to 
believe it 


The stock market’s slump was 
led by weaker computer ana auto 
companies, Bloomberg Business 
News reported from New York. 

As an Thursday, shares sensitive 
to economic cycles continued to 
show weakness with Caterpillar off 
44 to II6W and Bethelehem Steel 
down ltt at 21 . 

Trading volume was roughly 250 
million shares, down from 303.75 
million shares on Thursday. De- 
clining stocks outnumbered ad- 
vancers 11 to 7 on the New York 
Stock Exchange. 

The Standard & Poor's 500 In- 
dex declined 3.77 to 460.58. 

The computer sector and blue 
chips in general were weakened no- 
tably by IBM, which declined 2^ to 
53% on concerns about earnings. 


AMEX Host Actives 


Alert 

RoyutOg 

Ecfloflay 

ChrtMed 

ENSCO 

Te(Dta 

CTzFH 

vnocB 

FdstLb 

Chavsns 


Market S s l— 

Today Prav. 
4 pjn. can, 

NYSE 25057 369415 

Amox 1672 2156 

N radon 24873 37350 

In millions. 


Advancnd 
Declined 
Unchonoed 
Tolt* Issues 
New Highs 
Now Lorn 


10174 10170 
9955 9950 
10354 10350 


899 520 

1209 1739 

674 524 

2742 2785 

34 32 

87 111 


262 178 

335 460 

227 213 

824 851 

11 12 

19 21 


VoL Hteh 
8335 7% 

TOTH fly,. 

LOW 

6% 

*■!#- 

Last 

7% 

4JL 

aw- 

>% 

iOifZ 

6658 13% 

**Ti 

13 

R/l 

13% 

* -> 

5447 28 

26 

27% 

+ i% 

5*41 * 

3% 

4 

+ Vu 

5217 *1% 

40% 

41 

— % 

519* 9 

8% 

B% 

>U 

4862 30% 

29% 

29% 

_% 

4101 44ta 

43% 

44% 

>% 

3480 43 

40% 

40% 

—2% 


NASDAQ Diary 


Advanced 
Decflned 
Unttanaad 
Total Issues 
New Highs 
New Lows 


Spot CommodMw 

CarmnacHtY Today 

Aluminum, lb 0594 

Cotteo. Brat, lb 076 

Cooper electrolytic lb 090 
Iran FOB, tan 21370 

Lead, lb 074 

Silver, fray oz 5725 

Steal (scrap). ton 13671 

Tin, lb im 

Zinc » 04496 


Eat. volume: 1551 Opan bd.^765. 
3-MONTH EUROMARKS (UFFEJ 
DM1 add km- ptsaf HI pd 
Jon 9654 9459 9454 +074 

S8P 9676 9671 967S +072 

Dk 9688 9677 9687 +074 

Mar 9695 9454 9695 +075 

JDP 9455 9669 9680 +071 

SCP 9665 9456 9443 —071 

Dec 9648 9638 9648 + 071 

Mar 9631 9624 9430 (Inch. 

Jon 9609 9607 

Sap 93.96 93L95 

Dec 9175 9174 

Mar 9359 9358 

EsL volume: llB7960pen 
18-YEAR FRENCH GOV. BONDS (MATIF) 
PFMUM-PtlOflMPCt 
Mar 12352 12256 12258 —050 

Jon 12122 12206 12244 —153 

SOP 12250 12152 121.74 — OJB 

Dec 12154 12154 12174 —058 

But. volume: 367552 Open bit.: 191569. 
LONG GILT (LIFFEJ 
BUM - Pts A J2MU of IM pet 
Mar 10845 106-19 186-23 —149 

Jsw J07-T2 MS44 105-23 — T® 

SOP N.T. N.T. 104-27 -149 

Est. volume: 1423)1. Open bit: 160597. 
GERMAN GOVERNMENT BUND (L1FPE1 
DM 250500 -pts Ofl B0 PCt 
Jan 9674 9532 9179 +076 

S«P 9555 9120 VIST +075 

EsL volume: 192776 Open Int— 2027*9. 
3-MOHTH FRENCH FRANC (MATIF) 


213770 -+2S70 
214750 -+2870 
215170 -+2370 
213650 >+2870 
212*0 -+2670 
718350 -+2B70 
Esi. volume: 46702 Open InL: 74562 
Sources: Main, Associated Press, 
London inn Financial Future* Exchange, 
Inn Petroleum Exchange. 


Phridgnd» 

I Company Par Amt Pay Rec 

IRREGULAR 

BawaterPLC x .1341 44 6-1* 

x -approx amount per ADR. 

STOCK SPLIT 
HSO 81 Ca 2 for 1 split 

INCREASED 

Midwest Fed Find _ 70S Ml +15 

Ottawa Group g .125 S-lt MB 

OMITTED 

Flggfa Inti AAB 

INITIAL 

Columbus Rltv Tr _ 377 W 4-15 

Grupo Roc no Contra x 5936 341 « 

Jock Henry fi _ 76 2-71 3-10 

Morrison Patrol n a *4 4-8 *-2S 

x-w p ay m ent since going nubile. 1 

LIQUIDATING 

Grant St Nil Bk - 50 4-1 4-22 

REGULAR 


U.S./AT THE aOSE 

UAL Employees Sign Buyout Accord 

CHICAGO (Bloomberg) —UAL Cocp. signed an agreement Friday to 

sdaam^oritystakerntbeairiiDctoaiie^loyeegroupmreturaforwage 

and benefit concessions valued ai p.3 bubon. dKckw * 

UAL, the parent company of United Anfmes, 
icnnsof the to the 

srom The buyout stffl faces commission and sharefat^WW^' 

UAL stock surged $8.75 to S132J0, pulling awwfromAeg-wg tow 
set Thursday. Fmanriai advisers to the unions value thar offer at 5173 a.^ 
share in cam, stock and debt. 

Ameritech Plans Job Cuts and Charge 

CHICAGO (Bloomberg)— Ameritech Coip. said 
about a S335 million charge to first-quarter earnings and would cut 6.000 
nomnanagemeut jobs by the end of 19 95. 

The charge will cover improvement in the company^ pension pi an,^ 
which came at the request of its unions, and other things, Amentech sam. . 

The job cuts will be accomplished through buyouts of employees m Hit. 
company’s network business, it sakL Ameritech is a regional BeO company ( 
with about 67,000 employees, about 48,000 of which are not management 

Commodore Talking with Creditors : 

NEW YORK (Reuters) — Commodore International Ltd. on Friday 

reported a loss of $8J million for the quarter ended Dec. 31, the second of • 
its financial year, and said it was negotiating a restructuring plan with its 
creditors. . _ ■ 

Commodore its “inadequate finanaal resources were not allow- . 
ing it to boy the raptenalR it needs to make computers, which will - 
consequently lead it to report a drop in sales in the current quarter that 
ends Thursday. Sales in the second quarter were S70.1 million, compared ■ 
with $237.2 mdliou in the year-earlier quarter. 

The company said if restructuring talks with creditors fail, it may ! 
pursue “other reorganiza tion or other liquidation proceedings.” The • 
company posted a loss of $772 million in the year-earlier quarto 1 . 

Grumman Neutral on Northrop Bid 

NEW YORK (AP) — Grumman Corp- directors decided to take no ; 
position on Northrop Coip.’s hostile bid to buy the company, leaving open 
the posabihty that Martin Marietta Corp. might sweeten its friendly offer. - 
Grumman’s board decided late Thursday that rather than negotiate a 
merger agreement with Northrop or break off the deal with Martin 
Marietta, the directors would do nothing. 

The decision reflects the Grumman board’s choices of working with 
Northrop and having to pay a fee of $50 mfllioh to Martin Marietta or 


pilot 110 per 



94*6 

93*3 

919* 

—0*8 

90S 

9015 

9017 

—0.15 

9449 

9031 

9032 

—015 

9457 

9038 

9038 

—017 

9451 

9030 

9029 

—022 

90*0 

9017 

9022 

—014 

901* 

93.95 

94*7 

—012 

94*0 

9350 

9350 

— 01* 


Est. volume: 79751. Own bit: 25634). 


Industrials 

HHrh Low Lost Settle CUVe 
GA50IL (IPE) 

Ui. don in oer nwtrtc ton-tot* eMM tan 
APT 14225 141-25 I4L2S 14135 +050 

Mar 14135 14025 14025 14025 +025 


Ababa Systems H 
AmwiFeo Fine! I 
BEI HotdunaMB 
Bk Slti coral— _ 
Berkshire ReollYl 
BullBaar GibUncol 
Control Mm B nett I 
Control PA F ncIM 
ESELCO IhCMB 
CXELUdH 
Excel LM 
Fisher Scientific! 
Furan Co I 

Qtacter Bancorol 
KordierCortH 
KJmnrOInv ■ 
NarOstram tncH 
Nthn sicrtes N 
Penn Centrall 
Petrfe Stores! 

Pier I Imparls* 
Stratton MonttilyM 


Q 75 4-4 4-18 

Q 20 44 6-13 

Q JS 3-31 4-15 

Q .10 3-31 5-13 

O 215 5-1 5-16 

M 76 3-35 3-31 

S .W 3-1 3-15 

.11 4-22 4-29 


Q 20 4-8 4-27 

Q 72 4-8 4-23 

Q sm 4-15 4-29 
Q .12 67 627 

X 74 65 6-22 

O 725 6-15 4-30 , 
O 785 2-28 3-15 

8 545 4-8 4-20 

22 +1 4-15 

Q 75 +IB 429 
O MB 5-4 5-18 
M J6 3-31 +11 


x-chonge Hi payment schedule from auortwr- 
i ty to semi-annual. 

cmmbu u I; g-payoMe In CMaOoa foods; at- I 
mootbly; a-roorterty; s-seari-amwaf 


er lawsuits. 

• Martfri Marietta Corp. has agreed to prohibit its division for lumiHisng 
sateBitts from sharin g sensitive information on co mpetin g companies, 
the Federal Trade Commission said Friday. (Bloomberg) 

For the Record 

Zenith Laboratories Ioc.’s stock surged Friday after a court deared the 
way for the company to sdl a generic verson of Bristol-Myers Squibb 
Co.'s third-laigest selling drug. Zenith's shares jumped to as much as £20, 
before settling back to SI7.87S, up $2,125. (Bloomberg) 

Caltex Petroleum Corp. purdboed a cargo of Vietnamese erode. The 
company also won Vietnam’s approval to open offices in both Hanoi and 
Ho Chi Mmh City. (Bloomberg) 

shareteforc extr^^ia^kims. Herabeyee^ had^fSecast that its ' 
first-quarter 1994 earnings would be bdow 71 cents a share a year ago. . 

(Knigkt-Ridderf , 


DBM: Focus on Smaller Computers BAILOUT: Some Compare Credit Lyonnais with Rescue of KS. Thrifts 


Continued from Page 9 

farmer chief executive af RJR Na- 
bisco Holdings Cop, said he had 
read IBM’s pans, going bade more 
than a decade. Even dim, IBM's 
management recognized shifts in the 
marketplace, but it failed to enact the 
needed chan gas , he said. 

He said IBM must recover from 
its slow start in moving away from 
big host computers, and toward 
desktop machines arrayed in net- 
works, known as client-server com- 
puting. 


To be blunt, the failure to capi- 
talize on this sea change in our 
industry is the single most impor- 
tant mistake IBM has made in the 
last decade," he said. 

Mr. Gersmer said he hoped 
IBM's prowess in research and de- 
velopment would help it catch up. 
Client-server computing is based 
on machines using low-cost, effi- 
cient microprocessors, a big advan- 
tage for computer users. But the 
different systems often do not com- 
municate. 


Continued from Page 9 
recipient is getting an unfair advan- 
tage to its competition. For Credit 
Lyonnais, the eighth-1 aigest bank 
in the world with assets of 2 trillion 
francs, the issue is the solvency and 
credibility of the French banking 
system itself. 

"Brussels win follow the advice 
of the French banking commis- 
sion.” predicted Chris tiane Marcel- 
tier, analyst with Nat-west Securi- 
ties in Paris. "It’s dear that they 
need to restore the credibility of the 
bank." 


Mr. d’Ormesson said the recapi- 
talization. by itself, could probably 
be defended successfully because 
the French banking code requires 
shareholders of banks, whether pri- 
vate or pnblic, to recapitalize in 
order to keep their solvency ratios 
in line with international stan- 
dards. 

Much more “abnormal” from a 
legal point of view, he said, is the 
plan calling fes the state to guaran- 
tee the bank’s 40 billion francs in 
troubled real estate loans. 

This is not just a legal problem. 


but an economic and political 
problem,” he said. 

Mkhd Pfibdrcau, head of the re- 
cently privatized Banque Nationale 
de Paris, has criticized the 
bailout plans in recent weeks. On 
Friday, officials at Soriite G&to- 
alesaid they were “shocked by the 
leniency” with which the govern- 
ment handled Credit Lyonnais. 

“Once Credit Lyonnais was in 
tins situation it had to bo saved," 
said Marc Vtenot, the chairman of 
Sod6t£ Gfaifcrale. “But one should 
have asked for an effort from Crtd- 


STOCK 


_ Agiuic* Franc* Prone Marcfi 25 


Amsterdam 

ABN Amro Hid 6658 


Helsinki 


ACF Holding 

Atgon 

AhoM 

AkMJNotoBl 

AMEV 

Bott-Wessanon 

C5M 

DSM 

Eljavter 

Fottar 

Gist-Brocade* 

HBG 

Hamekan 


4650 48.10 
9320 93 

4920 4860 
21468 21920 
7670 7600 
3950 40 

67 68 

129 12650 
* 167 

15 1658 
51 JO 53 
314 315 

228 231 


Amor-YMymo 131 131 
EnUFGubsit 38.10 4028 


Huhtamaki 

KjOJ». 

Ky mm ana 

Metro 

Nokia 

PohloJa 

Repola 

Stockmann 


205 209 

1120 1250 
120 122 
202 21 » 
407 410 

90 0853 
9220 93 

300 303 


Hooanw ra 57 S3 0 

Hunter Daughn 7820 


I HC Calarsi 

inter Mud ter 

Inti Nedntan: 

KLM 

KNPBT 

ikwprt 

OceGrtnten 

PoKhoed 

PMItaS 

Polygram 


4160 4«3 
8220 8350 
MUO B0A0 
4610 45 

4750 49-40 
65.90 6720 
8370 8640 
5150 51 

52 

7570 7820 


Hong Kong 



Rodnco 

Roranto 

RoyaJDufcti 

Start 

UnUtugr 

VanOmmeran 

VNU 

wWters/Klumr 

HMSrfXP 3 


Incticapa 

Klnefltter 

Lottrake 

UmdS«c 

Laaarta 

Lasmo 

Legal Gan Grp 
Lkwda Bdik 
Marks SP 
ME PC 
NonpoiMr 
Naiwest 
Nth wit Water 
Paarson 
P&O 
Pilklngtan 
PovwrGen 
Prudmlkil 
Rank Ora 
Rackitt CM 


Reuters 
RMC Group 
Rolls Rom 
Ralhmn (unit) 
Rovol Scot 
RTZ 

Sainsburv 
Scot Newan 
Scot Power 
Sears 
Severn Trent 
Shell 


Brussels 


ATOgUM 2595 2610 

AG Fin 269S 273S 

Allied 4409 4S« 

BaK» 2200 2290 

BMWCrt 24200 24100 

Cockemi 188 181 

Cobroa 6120 6150 

Dynyfaf . 1384 1400 

EleefratMl 6170 6320 

GIB 1595 1610 

OBL 4460 4470 

rSSSttMn* SIS 

Itetroflna i^t 

Pwwrfln 3160 328® 

RmralBrtge go 5680 

Baocwo 8510 8550 
Soc Gen Balglnue 2660 2680 
Satina tsooouioo 

g4vOY. s t«OQ 14050 

Tractebel Maos 10*25 

UCB 23350 23475 

SK&*r& , s“ :7i<M7 


Frankfurt 

AEG 

Affianc Hold 
Altana 
AskO 
BASF 
Barer 

Bay. Hype bank 
BwVininH 

BHF Sank 
BMW 

Conw n n Tj onk 
CanffnentaJ 
Daimler Benz 
□eaussa 
Dt Babcock 
Deutsche Bank 
Douo t as . 

Dreedner Bank 
Fektmuttie 
F KruppHaesch 



t gn S go ? tad^»U, 


Johannesburg 

AECI 2050 2078 

Alleeh 92 90 

Anuta Amer 222 220 

Barlows KtSO 30 

Blyvoor NA — 

Buffets 50 49 

Harmony 2670 26 

Htahveid Steel 2470 2650 

Kloof SJ.M 09 

Nedbank Grn 2&25 2150 

Randfonteln 51 47 

tattlar 8659 8350 

SA Brews 83 86 

St Helena 47 435s 

Sami t> •n 22 

WMkam 48 46 

western Deep 215 205 

Composite Ifidas : 5192.10 



570 STB 

578 574 

UI 

651 670 

770 7S2 

174 123 

697 693 

579 5X7 

4.12 4.12 

671 476 

651 477 

657 473 

572 5J0 

675 620 

7JB 6M 
ISO 151 
SJ2 574 
127 3.18 

4 372 

5.991754 

2494 
578 575 

823 028 

20.10 2110 

974 978 

174 170 

4 358 

613 4JM 
852 875 

374 370 

521 520 

352 601 

1.17 1.14 

573 579 

655 672 

570 572 

1J8 178 

373 374 

£21 570 

373 329 

633 629 

2.12 2.13 

1052 1072 

278 271 

118 Xll 
M75 1072 

372 OJSJ 
528 570 

43-94 4570 

523 578 

5L19 5.18 

377 UO 
227 226 


Accor 
AlrUquIde 
Alcatel Ai5tnem 
Asa 

Bancalre (Cle) 
BIC 
BNP 

Bauygues 
BSN-GD 
Carrofaur 
CCF. 

Cents 
Charseuri 
□menfs Franc 
Club Med 
EII^VaulTatae 
Elf-Sanafl 
Eura Disney 
Gan. Earn 
Havas 
Imetal 

Laforae Cappee 
Lagnmd 
Lyon. Eaux 

SM:' , 

Motro- Ha chette 
Michel In B 
Moulinex 
Paribas 
Pochhwv Inti 
Penwd-Rlconl 
Peugeot 

SSS 3 SES 

Rh- Poulenc A 
Raff. St. Louts 
Redout* (La) 
Saint Gobaln 
5-E.a 

St© Generate 
Suez 

Thgm sonOF 
TWod 
UJLF. 

Valeo 


Sydney 

Amcor 975 HUM 

ANZ 5.16 524 

BHP 1724 1724 

Barat 603 611 

Bougainville 092 088 

Coles Myer 614 491 

Camolao 511 5.10 

CRA 1720 1726 

CSR 690 693 

Fosters Brew 12a 123 

Goodman Field 172 170 

ici Australia 1128 1126 . 

Maoeflan 2.13 no 

MIM 121 LIB | 

Nat Aust Bank 1128 1178 

News Carp 976 922 

Nine Network S 52a 

N Broken Hill 326 377 

Poe Dun lop 526 527 

Pioneer Inn njl 111 

Hmndy PoscUon 235 2.13 

OCT Resources 121 121 

Santo* s.w 4JU 

TNT . ZCW 21? 
western Miring 720 722 

Westaac Bonking £10 5.19 

WoodsWe 194 612 


Conodton Pacific 223* 23ta 
Can.TIre A lit* 12W 


Cantor M'-i 47 

Cara 645 645 

CCLIndB * 9 

Onopiox 475 420 

Comlnca 2014 20% 

Conwes) Espl 53 Vi 23'* 
Denison Min B on 0J4 
Dickenson Min A 9U BY> 
Dafascn 23% 34«. 

Dvlex A 078 eSJSS 

Echo Bov Mines is** iBVt 
Equity silver A 0.92 OP7 
FCA Inti — liffl 1 

FedlndA m 8 I 

Fletcher Chair A HVi Zita 


3.90 4JS3 
379 2.17 
720 722 
5.10 5l19 
194 612 


Sao Paulo 


Madrid 


IWKA 
Kan Sob 
Kantodt 
Kaufliaf 
KHD 

Ktaechnerwerlu 

Li nde 

Lufmonsa 

MAN 


Metaiiaeseli 

Muencti Rueek 

Porsche 

Proussaa 

PWA 

RWE 

Rfiekimetail 

Schertna 

SEL 

Stemans 

Thy«*n 

Varta 

VBV 

tSBaaom n 

wwio 


London 

Abbey Nan 
Allied Lyons 
Aria Wiggins 
Argyll Group 

Ass Brit Foods 


Bank Scotland 

Bar days 

Base 

BAT 

BET 

Blue Circle 
BOC Group 
Boots 
Bawafer 
BP 

Bril Airways 


8rtt Steal 
Brit Telecom 
BTR 

Cable Wire 
C adbury Sch 

CootsvJyelto SS 

Comm Union 574 527 

Cmirtauids 5.15 123 

CCC Group 113 110 ] 

enterprise 011 618 609 

E u rot u nnel 128 520 

FI sorts 09 121 

Forte 228 226 

GEC 2.99 373 

GenlAec 622 623 

Glaxo 624 8231 

Grand Met 426 653 1 

GRE 179 175 1 



BBV 3210 3215 

Bco Cen tral H I SB. 2710 2910 

tarn Santander Wt 6800 

CEPSA 2900 2910 

P TOPOd M 2385 2400 

F 'toeso 7400 7A50 

E«™, . 160 155 

jfagrttrato I 1010 992 

g”P*ol 4495 4530 

lOfWOatertl 3760 3740 

Talatantca 1790 1840 

fe' Bafnas “ i3as ” 

Milan 

bcncoGomm 
Boasooi 

Bcnofton group 
Crcditol 

jar 
ar 

Finmeccanica 

^teratl 

Mantadtaon 
Olivetti 
Pirelli 
HAS 

Rfnascente 

Sa l pem 

|an Paoto Torino 
5ME 

Snta 

Stand! 

Stet 

Taro Asel Rtsa 

1 


Banco da Bradl 25J0 2129 
Baneepa 1050 9.95 

Brodesco 1670 14 

Brahma 205 199 

Paranopanema 2050 1720 
Petrabras 167 152 

Tetetnas 3920 3720 

vote Rio Doee 9120 0520 
vurtp 165 160 




Singapore 


OtyDov. 

DBS 

Fraser Neove 

GatdmHapaPI 
Maw Par 

Hume Industries 
incftcau® 

Kapael 
KL Kwrai 
Lum Chang 
Makgan Bonks 

St!? 

Sambawang 
Slwnortla 
Stale Darby 
SIA 

stooreLand 
Stoore Press 
Sma Steamship 


fsstsnu 1 


615 625 

15.HJ 1530 
2J3 239 
3.18 3.14 
682 6M 

684 688 
9 JO 9 JO 
226 270 
178 171 . 
am aim 
1120 1170 
7 AS 720 
620 6» 
1170 11JO 

iio in 

322 320 
7JSB 725 
525 6 

1320 7320 
166 322 
338 322 
322 328 
92S 925 
171 174 




Hanson Ui 

Hllisdown 120 

HSBC HMDS 7.70 720 

■Cl ai4 &16. 


Montreal 

Alcan Aluminum 33ta 33ta 
Bank Montreal Z7Sk 2816 
Bell Canada 51U> 45V7 
Bombardier B ZPi 22ta 
Camblor 21Ml 2IH 

Casc ad es _ 7ta 79* 

Dominion Text A 7ta C 

DonohueA mb 3 
MacMIlkeiBI m* 32ta 
Natl Bk Canada 9ta 9ta 
Power Cora. 22Vr 23 1* 
Quebec Tel 22ta 23 
QuehacorA Zita ziu 
Quebeear B 21 Vj Z1U 

Teleeuba 239* zita 

Unlva 6 Vi 6 Vi 

Video iron H 15* 


Stockholm 

AGA 391 

S2& S 

S 


Tokyo 

Atari Elecfr 
Aoahi Chemlool 
AsaM Glass 
Bank of Tokyo 
Bridgestone 
Canon 
Casio 

Dal Nkmon Print 
Dal wa House 
Datura securities 
Fanuc 
Fall Bank 
Full Photo 
Fujitsu 
Hitachi 
Hitachi Cable 
Honda 
ItaYokado 
Itochu 

Japan Airlines 
Kolhno 
Kansal P ower . 

Kawasaki Steel 
Kirin Brewery 
Komatsu 
Kirimta 
Kyoaora 
Matsu Elec Inds 
Matsu Elec Wks 
Mitsubishi Bk 
Mitsubishi Kcrsct 
Mitsubishi Elec 
MHwbitttHev 
ADtsutrisM Cara 
Mitsui and Ca 
MifsukoM 
(Mitsumi 
NEC 

NGK Insulators 
Nlkko Securities 
Nippon Kagaku 
NlapanOll 
Nippon Steel 
Nippon Yusen 
Nissan 
Nomura Sec 
NTT 

Olympus Optical 
P tonesr 
Ricoh 
Sanya Elec 
Sharp 
SMmazu 
StUrwnuChom 
Sony. 

S u mitomo Bk 
Sumitomo Chem 
Suml Marine 
Sumitomo Metol 
Tatsel Cora 
Tatsha Marine 
TokedoChem 

TDK 

Tellln 

Tokyo Marine 
Tokyo Elec Pw 
Toppan Print i ng 
Toray ind. 

Toshiba 
Torato 
Yamatchi Sec 

a: x ton. I 


FPI 51* 5 

Geatra 058 057 , 

GotaCurp 13 T2 

Guff Ota Res 445 640 
Me*S Itltl 15Vfa 1W 

HemtoGW Mines UVi I4» , 
Hoi finger 1416 ISta 1 

Horsham 21 2DW 

Hudson's Bay 30ta aim 
Imosco 39Vh 3916 

taco 341* J5ta 

Interprov pips 31ta 3Z 
Jonnock am ai 

Labatl 22*6 ztta 

LobtawCn 35V6 2<ta 

Mackenzie Uta llta 

Magna lull A 72 71ta 

MopteLeaf lZta 13 

Marttftne 26W 24*6 

Mark Res 81* 81* 

MacLean Hunter 16% 17% 
MoMonA 27 27 

Noma ind A 6% 6ta 

Narondalnc 25% 24 

Noranda Forest 14% 14M» 

Norcen Energy 15% 15% 

Nttwra Telecom gpu 

Nora Carp 10% iota 

Ottawa 72'u 27% 

PagurlnA 3Yi 335 

Placer Dame 35% 34% 

Poeo Petnrieum 10 % IQVj 
PWA Cora 1% 1.11 

Roy rock 19 18% 

Renaissance 30 31% 

Roaera B 23% 23% 

Rothmans 83% 84 

Royal Bonk Can 2B% 2HS* 

Sceptre Res 13 13% 

Scott's Heap 8% 8% 

Seagram 40% 41% 

Soots Con g g% 

Shell Can 40 40 

Shorrltt Gordon 12% 1Z% 

SHL Sw te tnhse 10% ia . 
Soutmn 20% 20% 

Soar Aerosoece 17% 17% 

S telco A 9% 9% 

Talisman Enera m OTfc 

Thomson News 18% ib% 

ToradtoDomn 21% 22% 

Torstar b 25% 25ft 

Transolta UtU 15% 15% 

IhntCdg Pipe 18% lev* 

Triton FW A 4% 420 

Trtmoc 17% 17% 

TrtzeCA_ 070 074 

umcora Energy 165 165 


U.S. FUTURES 

Vio Awadaled tau Mordi 25 

Season Season 

High Low Open Wgh Low Close O10 OpJnt 


Grains 

WHEAT (Caul) MMhiniitnni.MonwtiiM 

3.77 300 MOV 94 133 133 3291* 1»R*— 602% 17.1641 

3-54 IM JUlM 125% m 121% 124%— MlVk 21292 

157% 102 SeP 94 127% 127% 136% 126%-07l% 1761 

165 309 Dec W 134 134 133% 134 6751 

156'A 134 Mar 95 134 134 Vi 135% 136Y,— BH0V, 38 

135 116KMay9S 136%-aooV, 1 

143% 111 JUI9S 122 122 327 127 -001% 51 

Est. soles 7 J00 Thu's, vtts 7,907 

Thu's ope n W 46 056 up 1454 

WHEAT (KBOT) MPObumiiWrum-daecnBwburiKl 

lTVts 2.98 MOV94 131 132 121 12914-002% 9221 

3J5 197 J0I94 124 Vi 324% 122% 323%-0O2 1MJW 

3-55% 307% SeP 94 125% 124% 325% 325% -002 3060 

140 112% DSC 94 133 133% XJ2 132'A— 002% 1275 

153V. 323 Mar 95 325% 135% 135 125 -000 165 

Esf.sdes NA Thu's, ides 3256 

Thu's go on W . 26555 ad 39 

CORN (CHOU UBOMimMnwni. Alas ewbuOM 

114% 328% MOV 94 305 205% 2 ZPk 2.53'4_0O2S.1119J1 

3.14% 261 JUlM 207% 288% 205% 206 -002% 117092 

IW-V 240% SeP 94 2jr* 176% 272% 273 -001% 26279 

273% 134%DecS4 261V* 242 1591* 240 -001% 61154 

279% 7-53% Mar 95 247% 748% 244% 246% -001 4222 

202 2jW'/iMOV95 2.71 271% Z71 271 -000% 331 

203% 270%Jul91 3-73 273% 273 273 —000% 1046 

158% 150%Dec9S 151% 252% 251% 251%— 000% 912 

Ett sates 30JW Tiers, sates 37095 

Thu’s open W 326-371 up 775 

SOYBEANS (CBCm MeaBunentmunt-itiMri peremha 

7-51 5.92% Mar 94 651% 697V* 606% 40B%-004 57021 

7 JO 554% All 94 657% 693% 688% 68914-0031* 50,984 

73S 658 AuO 94 686% 686% 683 644 -0 j02% 7.9M 

689% 617 Sep 94 666 667 663% 644 -003 6582 

7-57% 555% Nov 94 632 653% 649% L5D%-O03 318S4 

670 61 S% Jon 95 657% 658% 655% 656 U. -003 7437 

673% 642 Mtr 95 642% 663% 681 661 -003% 538 

670 653 May9S 664 664 662 662 —000% 18 

675 642% Ji495 665 645% 663 663 -084 300 

650% SXY%N0»95 619 631 619 619% -000% 1893 

Est-sdes 30800 Thu’s. idos 31497 

ThiTsapcnlnt 15774* ofl 359 

SOYBEAN MEAL (CBCTT3 ISBIom-eMnewim 

23100 10550 MOT 94 19610 19570 19430 19470 —USD 27747 

Z3080 19050 718 94 195.90 19*40 1*450 195JP -040 26066 

22100 189J0AUS94 19450 19540 19380 194.00 -090 7753 

71080 1 0870 SOP 94 192.80 19350 19220 19230 -050 6961 

20680 187.10 Oct 94 19050 191 JM 19050 19040 -040 1TB2 

209X0 *40 DOC 94 19050 19010 18950 1»JD -D40 8475 

tacum IMJUJ «B 19030 19030 1WJ0 18950 —070 903 

19*80 11750 Mar 95 19150 19150 19050 W05O -050 0 

IttSD 1H50MOV95 19150 19150 19150 19050 15 

EsLsdes 12500 Thu's, odes 1076* 

Thu's open id 80571 up 760 

SOYBEAN OIL (CBOT) H400le-do*wsBer note. 


Season Season 


Hgn 

Law 

Ooen 

Mob 

Low 

Ouse 

dig 

OpJht 

11*2 

9.17 Mar V5 

11*8 

11*1 

11*8 

11*0 

+ 0*3 13*30 

11*8 

1057 May 95 11*1 

11*8 

11*5 

11*1 

+0*3 

1*49 

11*2 

1057 Jul 95 

11J7 

11*3 

11*7 

11*3 

+0*1 

1*15 

11*0 

10570095 




11*9 

+0*3 

334 

Est-sdes 11*49 TtWisda 

17*82 




Thu's open inl M0319 

up M47 





COCOA 

(NCSE) iDtoPitcUB-tPWlon 




1368 

978 May 9* 

1283 

121* 

1198 

1207 

—18 37J73 

1365 

999Jd94 

1239 

1243 

1239 

1237 

— 1* 21*97 

1377 

1020 Sep 94 

T262 

1265 

1251 

126* 

—8 

9*94 

1389 

1041 Dec 9* 

1293 

1295 

1285 

1296 

-8 

0*1 

1382 

ion Mar 95 

1327 

1330 

1311 

1333 

— 8 

9*78 

1400 

nil May 95 

1350 

135D 

1349 

1353 

-a 

5*46 

M07 

1225 Jui 95 

1377 

1371 

137* 

1373 

-8 

3,174 

1350 

1275 Sep 95 




1392 

—8 

*81 

1437 

1338 Dec 95 




1A5 

— ■ 

205 


Season Season 
Hteh Low 


it Lyonnais before asking too much 
of the taxpayer.” 

“With this plan, we are stopping 
our investments and significantly 
reducing oar industrial participa- 
tions,” he smd Tot the next two to 
three years we will be at a competi- 
tive disadvantage.” 

He defended the dxnc&af'-Mfr 
Lanry, w)x> gamed a reputation as 
Mr. Deters' “hatchet man” at the 
commission, as a top fieuteaanL 
He said Mr. Laray would proba- 
bly be active in bdping form the 
bank's future managemoit team. . 

Open ! Hgh Low Oosr do OpJnt ‘ 


Est Sales 0680 ThfiidB 6263 
Thu's open W 919*9 on m 
ORAN8EJUICE (NCTN) lJVXSfev-'XX’hlxrlb. 

13S.0S ■ 0950 May 94 11845 11070 11025 11035 -0W 7,929 

13580 10350 5494 11340 11350 11X10 11115 -025 5498 

13450 1IH5DSWM 11650 11620 11575 11575 -035 2J13 

13*50 DKOONovM 11470 11470 11*50 11445 -005 IJ43 

13280 10350 Jan 95 11450 11550 11490 U4SS +055 15M 

13*25 10650 Alar 95 117JS 11755 11135 I167I +035 218 

Est.Mfcn 700 Thu’vsdos CD 

TTVsupwilW 19,139 up 23 

Metals 

Hi GRADE COPPER (NCMX) 260008a.- am own. 


30*5 

21 .30 May 9* 29 JO 

29-22 

20«O 

39*8 

—018 32.973 

19 JO 

21*5 Jd « 

29.15 

29.18 

28*3 

29*4 

-420 29*03 

29 JO 

21 *5 Aug 94 

2075 

2075 

2045 

28*0 

—430 










27*0 

22. 10 Oct W 

27 JO 

27 jO 

27*0 

27*7 

—0*5 

6*31 

27*5 

090 Draw 


2095 

2065 


>0*6 12*00 

26*5 

22*5 Jan 95 


2070 

2053 


+0*1 

1J97 

26*5 

25JDMar95 

2050 

20*1 

26*5 

2050 

-4*8 

95 

26*0 

2120 May 95 2050 

2050 

2040 

26*0 

-008 

10 


tot 95 

2040 

20* 

2030 

2030 




Zurich 


ttonk Hydra 

PracordtoAF 

fOT 8 

i&2?r 


8KF 

Stora 

TreUcborg bf 
V olvo 


399 397 
SW 607 
158 163 

482 492 

368 375 
387 3A3 

110 111 
112 114 

174 177 

2034450 

m m 

117 120 
129 131 

5450 5650 

153 165 

» m 

138 

*83 fS 

01 93 

656 634 





236 241 
.449 651 

1174 1196 
902 910 

Ml 660 
3910 3955 
1Z7D 1260 
2550 2640 
U0 867 
KD 9S5 
*35 435 

TB 'fi 

133 M3 
4010 3960 
7770 7790 
99S 1000 
Z12D 2180 
*17 424 

SB S^ 

1204 1220 
724 719 

13*7 1360 


Toronto 




AMIIBI Prtet 17ta 179* 
Aon lea Eagte 17% 17ta 
Nr Canada 7ta 7% 

Alberta Enervy m 21% 
Am Berrtck Res 36% 35ta 
BCE 51% 52 

Bk Nova Scotia 2Mh 39% 
BC cm Uta Uta 

BC Tgtecom 2Sta 26% 
BF Realty Hds 053 an 
framatea 031 0J9 

Brunswick 9ta 9ta 
CAE 7% 6ta 

Cawtev 480 490 

CISC 33ta 34 


TotwrreadBrt'taPrntKe 

Vsimer been eoMir to tutecribo 

cnJ m wJfc our now 

to9fcwn ttiro. 

ltd cal v> tosbyd 

05 437437 


ESI. sales 13500 TlHra.id« 12,927 

ThuSupenlnl 100886 up 673 

Livestock 

CATTLE (CMBU «Mte-waH(L 

8273 73.20 Anr 94 7635 76S7 7627 7647 <027 31,711 

7SJ7 71 25 Jun 9* 7*32 74*5 7425 74JS *010 3*181 

7357 7020 Aug 94 7257 7273 7255 7257 -010 12.722 

TUB 71 57 Od 9* 7352 73.75 7350 7152 —010 10,073 

7*tt 703SDOCW 7X90 7197 73L77 050 —057 25« 

7*25 73.GSEe»«5 7167 7X73 70*2 7X62 1J25 

7610 7120 Ad" % 7455 7465 742H 7460 124 

Estsdes 455* Wtsdes *985 
Thu'S OP— 82593 alt 186 
FES2Q1 CATTLE ICMSO SMOOCn.- an* nr to. 

K35 29-53 Mar t* 01. *5 81*7 81.25 WAS 1558 

8550 7920 Aw 94 8150 81.12 8087 8157 *017 1113 

8440 TSJOMOVM 8050 >157 1050 0097 *012 1396 

8250 *933 Aug 9* »J0 81J3 41 JO 8152 * 025 1731 

81 JO 79.50 Sep M 8150 II JO 8150 81 JO ‘02B «72 

BUS TTJDOate 8075 8010 I07S IQ5S 4030 561 

88.00 775SN— «« I15S BUS 8155 BUS '025 238 

8090 7950 J— 96 8050 8050 B8J0 13 

Ed-sctes 584 TW'J.MleS 8S6 
Thu'S open H 12582 up » 

HOGS (CMER) »m to* -dtei ax to 

51.92 3957 Apr M 47.17 4750 *7.17 47 JS >023 7541 

5AJ7 4627 Jun94 5 4*7 S4.U 54J0 5451 >050 12*68 

5637 4630JUI94 33J0 5*00 SUS S197 >020 1629 

5i4S 4635 AU0 9* Sl-« 5U7 51.93 S2J0 >015 2J3I 

4955 43*800 9* 4750 4620 47JS 4610 >048 1581 

J0SO 45JS0DSC>4 AH 4680 46B *677 >01] 2J14 

5050 A20 Feb 95 4687 4690 4670 4670 <005 216 ! 

M50 4090 Apr 95 *LS5 4675 4655 4665 >025 HE 

5L50 501OJun95 HL65 9US 5055 5075 23 

Est. sate* 6a7 Thu's L gAa 55BB 

Thu'S Open W 30 925 off ** 

pawBBija ion *Ae«^t»n«.u. 

4090 304OMar94 5950 3 

6L80 40»MOyM HAD 56*5 SfJB 57.77 -0*8 6M8 

6250 3M0Jd9* 5825 5650 5600 5637 1343 

5650 4250Aua9* 5605 5650 5650 5602 . 002 571 

41.13 ».10Feb« OM SUB 59*0 585S >005 » 

6150 59.90 Mew 95 5050 0 

Est. sales 1329 THTtKte 6M8 

ThU-5 open Id 9,159 tH U9 

Food 

COMEEC RK3E) JUSDtoS' txmoerto. 

9S0 ^ rtSltorW M B* M as -UlUR 

4*90 Jill 94 6*70 8450 8610 SMQ -065 12552 

Sasrate 8630 UN ll» Blfl — 055 6U6 

9150 77/10 Sc W 8655 8690 8650 E6SS —040 1772 

1610 7690 MOT 13 0750 8750 B7J0 8750 -020 1J« 

Sjd CJOMoytS M 86*0 81*0 8675 -015 173 

P50 «50Jd«^8»J0 M5B B92B M -020 3 

ESL Kdei Z4Si TjW^SoW WM 
Ttu^mnH StJXt Off 177 
SOGAR-WOHLDH W3S Ilt«tos.««M*l»te 
11* 630 May M 1 333 113* HIS )ll* -0.10 II JJ3 

era 915 JulM 1250 115S 1X3S 1UB -056 36501 

llta 9830094 H.93 11.95 11« U* 31577 


I07J0 7X00 Mar 94 89J0 9155 905S 91 M >150 1520 TTtU 

9025 7*50 Asr M 9053 91*5 90SS 9U5 *155 1,127 SW1 

10130 7350 MoyW 90*0 9145 9045 91/ffl >150 41.777 070 

91 JO 76UJunf* 9070 TUB 9020 91 JO >1*5 876 070 

10295 MJBJdM 9050 91 JO 9030 91.10 >140 13578 07li 

WBJO 74.90 Sep 94 9000 9080 90.00 9095 >150 4J122 E«. 

10190 7175 Dec 94 90J0 9080 9010 9080 +1.25 1901 Thu 

9040 765® Jan 95 »flja +190 

9950 73.00 Frh VS 9150 +1.15 

9225 6220 Mar 95 9010 9080 9080 91.10 >1.10 1 596 

91 JO 7605 May 95 91 JO +1.10 517 

91 JO 7000 Jd 95 91 JO +1.10 — 

91J5 75J0Aug95 9155 +1, * “J 

91 JS 79.10 Sep 95 9055 91.15 9005 9150 >155 '’■? 

712) Od 95 90JO +1JS TB3 “-J 

8030 77.75 Nov 9S 905S +1J0 178 ^ 

9IJ5 8630 Dec 95 9150 +085 

Jan 96 91 JO >083 'Ag 

gt.Mtas 7500 Thu *»- sates 10*02 

Tim's open in* 71J» ofl 382 tefl 

Sfl-VHt (NCMX) iMMraL-anUHrlWK 

5760 3660 McrM 5775 579 J) 5675 5761 +55 630 EX 

5715 5160 APT 9* 5762 >56 10 «=* 

S9J 371 J May 94 g7J 581 J) 5664 5800 >55 73587 «J! 

5810 3715 Jul 94 5B05 5810 5705 584.1 >15 16642 g-£ 

5865 3765 Sep 94 5650 5885 5765 SKJ +55 5509 *5( 

59*0 3*00 Dec 94 5915 5*65 5800 39S5 >65 9.956 

5645 4015Jan95 SKJ >55 

5995 4165 Mar 95 5925 6035 5B95 6025 >55 1281 Si* 

3880 41 SO May 95 <055 4065 4055 607J +15 1.959 ^ 

6815 4200 Jui 95 6125 >55 315 

5650 4935 Sep 9S 6164 *15 S9K 

6125 5390 Dec 95 6317 +55 

JW196 6295 +55 

ESt. sales 23500 Thu’s.sdei 24,797 57-» 

Thu's open ml 110571 ud isn K50 

PLATINUM OtMER) «»«. MnwniR. fj-* 

*2050 -3500 Apr 94 *1000 41650 41000 41350 + 540 1865 5150 

42850 35750 AH 94 41050 *1750 41050 *7550 +SJ0 11319 »Z6 

41250 36B50OCI 94 *1600 41650 41400 41650 >530 1560 4950 

41250 374J0Jdi9J 41750 41750 41450 41650 +658 S92 4950 

41450 39050 Apr 95 41650 41650 41650 41030 +6J0 Ext.: 

En. sates 8511 TlWs-Sdes 16» * Thu’ 

TtertatenH 21.956 Ofl 111 UGt 

cold Cncmxj win^aamnfnvA 30W 

39030 ITS-UMorM 381JD 3HJ0 381JS 39150 -060 21.05 

£^2 Sgaswta *Ui ma0 ma 3nM -07S4WS7 2078 

SHOO 985DMay«4 39240 —070 20J» 

41750 33940 Jun 94 39430 39*70 39050 39370 —070 53484 2078 

flics 34150 Aug 94 2650 39650 39550 39120 -070 &S 2033 

41750 34*50 Od 14 399.00 39950 39100 39090 -070 total 1069 

47650 34350 Dee 94 40250 40250 39950 401 JO -070 1X449 7050 

41150 36350 Fflb 95 40450 4MJ9 40*50 40*70 -070 17J8 

41750 36450 Apr 95 40630 40750 4S670 407J0 — 670 4510 19*0 

41350 38050 Auo 95 414*0 — 0J0 it 9 19*8 

Ai* *17.90 -OJO 6H 1933 

42950 ta250Ctec9S - C1*0 —079 4,127 2030 

Etf.Sdm *3500 TTw'bMles SX5M 17J3 

Thu's anen M 154*05 up 7922 1090 

— : — 1954 

Financial i9-jt 

70 JBf] 

UST.RU5 (CMER) fian»-MiollMBct 17JD 

9676 9199 Jun 94 96.12 *613 9659 965* —001 31865 Ed.* 


+ 5L6 630 

+16 10 
+ 55 73587 
>SJ 18*42 
+55 5509 
+15 9.954 

♦ 55 

>55 1281 
+15 1.959 

♦ 55 315 

+ 15 

+ 55 
+15 


M380 W.1BD0C9S 9100 13300 9X620 9X643 -30121*73 

9*329 90730 Md 96 93590 93*10 93530 93550 -40191*72 

Est sates 796,91* Thu's, sale! 42X3*1 

Tito's op en W 2*72*11 up 9602 

BMTPH route (awsss) siwrpMKi-iBuw«audinunn 

15384 i.SiStriMfFM 1*B44 —1* 

3-S2 ]A474Ju ,, « 1*9» 1*990 1*09* 1*93* +12 25*27 

J-SS I-USS?? 1jm }MSI 1 ' 4W * ** “■ 

1-4950 l*ftBaD8CW 1*86* — 6 33 ' 

Estsdes 14.985 Ws-sales 14*52 

Thu s open id 26588 aft 376 , 

CAHAUMIDOUJA \qASO spwdr-i wMcauttMUM 
08712 07715 McrM 07195 O72Q0 0JMB 071 B8 —31 281 

0JB05 07253 Jun 94 QJ270 07281 07238 07249 —18 42*45 ■ 

0™*> 0J725 0JM4 07210 DJ225 —19 1*60 ' 

07OT 07225 Doc 94 07210 07217 07200 07206 —20 875 : 

07523 67198 Jun 95 07170 07175 07170 07169 —32 25- 

StidM 7.530 Thu's sdes 7, IK) 

Tlto'sapenlrt 44*06 up 1316 

GERMAN MARK (CMER) wmrt- IpeHmudisuion 

I 0JK9 0-9977 >1101 J28 

tLW71 OJ® MM* 0J9W +1 2-577. 

05*53 05510 Dec 9* 05351 >8 115 

EJ' jsdes 3,924 Thu's sates 64*74 
Tito's open I nl 104,958 up 7326 

JAFAMEKTYEN (CMER) 1 per vert- Imlnteautt tOJOOOOl 
MWJ^OOWIJUnM O5W9OOJap90OO9SiaOJ)lȤ3 -14 48*4f . 

— M 1,907-. 

7N/ " S ° te 

>5 36.950 

OTIM MSS^.55 kTtaO 07080 07940 Ol7039 +5 246 

07)05 0*950 Dec 9* njjnT* *5 « 

Brt.ldes NA Thu'S, soles 27*71 
Thu's open Inf 37*61 up 3749 


Industrials 

Clil Itii42 (ilLifl) PLOOatos-drimparto 

2“ 2-S 7Ma nx h- 817 

?rli 77*0 77J5 77JB 77J9 -am 14*53 • 

73jrS nM 7dJ0 —0J0 2*15 

S-SS 1 ®** 71*2 71*0 71*7 71J3 —011 1**!9 

SS %£ Sg 

^atos^sr^u-^ ^ *» «» - 

W^ UP 4a5o B d.°r^ B » M 

nJS 4260 Md 94 *050 4x15 at ra +] nr 27*15 

U- 2 ««FyW *175 *1*0 43 JO 44,19 +047 52*16 

S"nn 4170 44,15 4145 J»Q * >043 30879 

Stn *4*5 44J35 4441 +018 21*11 

Si? *LM 45*5 «J5 Sri >SS 9*67 

S’in ***S3ep*4 46*5 4&*g .15,95 4* + 1 > nn »+ir 

55 a:Fl +0J3 MU ‘ 

»*o 55 S-S 9 <m* *as 

5 « 5-22 4875 *■” +028 10371 

OJS 3l5d£H« 25 25 •»-» 49*1 +023 15*5 

57 JD 2 ^ 25 ** M 49*1 +023 2*16 

5jjn 47jnMnu«i: OS 1 *1B 

II SSSK? «fS 

■«6 47JSJUI9S <T - n 

48*0 Aug 95 

49.70 Sep 95 


\:r° v 

Jo' 6 ' 


‘ . 1-,-rV: ■ - 

j " 


NYS 

Fr.irt * 


+00 30879 
+038 SLOTS 
>0*3 9,967 
>033 8*17 
>033 €*13 
+028 **07 
+021 10371 
>023 05*5 
>023 2*16 
♦ a 33 
>023 
+023 
+023 


§*-«*» 30i«p Thu'S, sates 3toO*6 


,!UB 


1663 Aug 95 
16*4 Sep 95 
167400 IS 


47*6 +023 

*821 +023 

6921 +023 


-otuobL- 


V-c' 




" • 

15*4 

1516 

>0*2 67*57 •- 

A 


1523 

34373 . 

m .■ws 

1525 

1533 

14705 

? 

1538 

15*3 

2072* > 

.^ , 'a> 

15*8 

15J5 

11*0* 

■ 1 *», 

15*1 

15*7 

9*92 

«’■ . £ 

1583 

1578 



1490 

-A*l 0147 ' 

. * 

16*8 

16*2 

—0*1 7*23 


1013 




1 6J3 

-0*3 4*01 , 

i 

1043 

1033 

-OLID 4136 


16*3 

— 0111 16*99 ' 

,'^‘V^ J 


1055 

-0*2 2*96 - 



16*6 

—6*1 1*42 



16J7 

0164 - 





■V* 


.17*8 

+0*1 H*77_ ■ 



' 17J4 

+0*1 120 • 



as ssSvr II si II I- 
s as sri&STU g-a 

4615 *4*DCto94 46JS 46J 0 *090 +010 3JDS "■ 

*000 4JJ5rtof« 45*5 +010 IJOtf+i 

*«i *4*3 4^85 +0W. im-. 


9610 9SJ1DKM to* -+m uaa WRJBAnenMwKSETLjSi „ 

Estsotes 2*96 Tterxsdas 6266 *“ * a dEM^ 1 

sraf-raEAsuRY^raori uaB*B0M>.MAi>Mi.diMra S3 JsSSTm 2^ 

113-as IH7-05 jun mio7.dk iB7-ias 107-co up-os— a 171*53 Soo £■?? 

1 TO- 195106-29 SeaM iSTl- 01 « S3 S ' 

Est. sdes 33*00 Thu's.eatos 41*(J 461J MADcSu 4U0 

Thu'scpeninl 190*05 Ofl 978 agg 

10 Y1L TREASURY (CBOT) IMUMwte.ehAXbttPMBpd STmUts Him -XL M ' B5 

113- 21 W7-T6 Jun9* 107-26 HA-00 107-15 107-16 - 06 991*3. tS-MMiW w 

115-01 106-21 Sop 94 106-25 106-38 106-19 106-19- S 2,135 ,aJ ” «* 3» 

114- 21 105-30 Dec 94 106-413 106-0 105-25 IOS-25 — OS 7J 

111-07 105-08 Mv 951 05-06 105-06 M5O0 105-09 — 5 9 — ■ 

MS-22 W-2D Jun+SHM.14 104-18 104-15 104-15— OS \ StOCk 

ESI. sous 100108 Thu’i.sdes HM.740 v.r m ur ■«, 

Thu's upon tot 3005*1 up 8415 SftB4«in2 J P t «i eME, *J * 

tMTRBASURY BONDS (CBOTl «Kt-SHIMn6Htt639nntel«BDcA S *64JQ 4 

119-29 91-86 Am 94 108-01 100-1] 107-18 107-19— 08 36X216 win 49>nr5L% *030 4 

OSS 2-11 JE-S JW-1S 106-21 106-B- S 0^9 9 4 

i!>S £3 ffiSISS S3 K K: S “B! 1S«a,»s3fr— ' < 

"t" 2JI SS ,B - ,D ** SS= IS g 

!:tS , SSS£S”^ , "'+'"“!SSzS a i|gK 3JS : l 

g-sotes 490000 Thu’s, sales mm ^ "'“SEtt *** * 

T Wsooen W *50.781 up 10061 Est mte- na 

MJNbaMLBONK (CBOT) noStoMtoratoAMdlOaed ThIyioSn 8-1:5 « 

10M7 9649 ton 94 94-17 «-» 9M1 94-06 - 0* 20996 ^ 1897 

■ * - 

MnWgrraadlMnci Com modi 

rSAtO 90400 Jun 94 9U50 95*70 95*40 95*50 419*0 

«K2 SifS&P? * iSJD * L2M WJW wa# 330777 Moody's 

WJTODecte tea 94*00 94730 9L7S0 —10787*22 Rfutern 

sjs 91J10 w*» 9MW «0$oo -10343*64 DJ. Futures 


Stock Indexes ■ j 

SAFCOMF.MOex Irupoi -» . _ 

SsS 4 mSs£m 4J7J0 S5 4 »-« -S.151»0^1« 

*87.10 429J8SI js 2, 2S sag as ^ as; : 

BB.MteS NA T1Wl.Sd« BJ91 « 7 -“ . *L 

N?*ogsi* nss#' • • •-■i 

® ,M 8ES a » ! “w BUD Wi jS 
W' *** «» 


NZlOJunn 90710 90230 90110 90190 -» 1*0529 | nJn RiWrrh 
OlOMlMB 91730 M.9M 90910 919* -3015MW \ raear ™ 


Commodity Indexes 

Close 

1.22U0 

lM&a 


ProvtaSTj# 

un.tt 

Man.*, 

1*023 I 







ss 

owed in ’93 


Europe’s Fund Scramble 

Bond Market Collapse Strains Budgets 


Bloomberg Business Nrxrr 

LONDON — European governments are likely 
U> find it harder to borrow a the coming months 
and analysts said this could mean belt-ti ghtening 
and spending reductions. 

Tins is bad news for governments whose budget 
deficits have been rising steadily dining the last 
four years as they increased spending to try to 
alleviate the effects of economic recession. 

“It's a worrying time for sovereign govern- 
ments.*’ said Steve Major, an analyst at Credit 
Lyonnais in Paris, adding that there was now “a hit 
of a question matt'* about borrowing to fund 
deficits. 

Governments typically make up the difference 
between the money they spend and the money they 
receive by seQmg bonds to borrow from investors. 
But with bond markets all over Europe plunging in 
recent weeks, analysts said it will get tough to find 
buyers. 

Bond prices across Europe have collapsed by S 
to 10 paints this year, strained by concerns that 
economic recovery in Europe wfl) spark inflation. 
An end to the bond rally in the United States. 


in 1991. The average between 1958 and 1990 was 
just 3 5 percent. 

Industrial production in the Union fell 3i per- 
cent in 1993. the biggest decline since 1975. More 
than 19 million people, or about 11 percent of the 
workforce, in the 12 countries of the European 
Union are without jobs. That represents a rise of 10 
percent in January 1993, and unemployment rates 
continue to rise in most European countries. 

As economic activity slows and people lose their 
jobs, government spending on social security pay- 

European governments 
have had to become more 
innovative in recent 
months to persuade investors 
to buy bond issues. 

meats rises, while tax revenues the government 
would have earned on wages and company profits 
fall 

Governments have had to become more innova- 
tive in recent months lo persuade investors to lend 
them money by buying their bond issues. 

Earlier tins week Denmark revealed plans for its 
first-ever 30-year domestic bond sale, following 
the successful debuts of 30-year issues in recent 
months from Spain and Germany. Last year 
France created a special “Balladur” bond to bor- 
row 110 billion francs from French individuals 
who were offered special tax and other concessions 
not available to fund managers and other profes- 
sionals to tempt them to buy the securities. 

A week ago the Bank of England announced it 
would sell floating-rate gilts for the first time, 
rather than the usual fixed-rate instruments. 

“The motivation is to have another type of 
instrument available for funding, to give us more 
flexibility to meet investor demand," said a 
spokeswoman at tbe Bank of England. 


of l A TTirifc 



Treuhand 
Lets Ell 
Trim Stake 


Complied by Ow Swff From Dispatches 

BERLIN — The Treuhand pri- 
vatization agency has agreed to let 
Elf Aquitaine reduce its stake in a 
refinery in Leona to 43 percent 
from 67 percent, a Treuhand 
spokesman said Friday. 

The French oO company is part 
of a consortium planning to refur- 
bish the aging East German refin- 
ery to increase its capacity to be- 
tween 8 million and 10 million 
metric tons per year from the cur- 
rent 52 mUHoQ ions. 

Elf was scheduled to begin the 
refurbishing in January, but it de- 
layed the project to renegotiate its 
stake with Treuhand, the German 




German stale-owned compa- 
nies. Tbe refurbishing had been 
scheduled to be completed m 1997. 

Elf s stake in the refinery came as 
part of its purchase of 600 Mind 
gas stations in 1992, winch proved 
lucrative for Elf and was done after 
intervention from numnellnr Hel- 
mut KohL Treuhand has threat- 
ened to impose penalties of up to 
1 J billion Deutsche marks ($900 
million) if Elf broke its contract to 
rebuild the refinery. 

Undo- the agreement reached Fri- 
day, Elf will sell a 24 percent stake to 
Rosneft, the Russian state oil com- 
pany, a Treuhand spokesman said. 

Based on a value of 4.3 billion 
DM for the refinery, a 24 percent 
stake would have an indicated val- 
ue of about 100 million DM. 

The deal also allows the 33 percent 
stake hdd by Tliyssen Handdsumon 
AG to be sold in 1997. 

(AFP, Knighi-Ridder, Reuters) 


Investor’s Europe 1 





...... 

n-i 




filsSltliH! 


Sources: Reuters, 


Very briefly; • 

• Airbus Industrie, the European aircraft building consortium, named 

Fdrawl It rater chairman of it« cnjv+vimyy hrwrri; Mr Renter i< chairman 

of Daimler-Benz AG, one of whose units is a partner in Airbus. 

• Deutsche Bank AG bought a 2.88 percent stake in VEHA AG, an enow 
and chemicals company, from Frankfurt city, reportedly for between 627 
million and 661 milli on Deutsche marts ($376 m2Uon-$396 million). 

• VIAG AG, the industrial company set to be merged with the German 
energy utility Bayenmerk AG, said tbe government approved the first 
part of its application to operate a corporate communications network. 

• Lotnbo FLC, the mining and commodity conglomerate, is considering 
merging or offering stock in some of its businesses. 

AFX. Rouen, AP, AFP 


LAW: Can Lawyers Ever Be Cooperative and Is It a Good Economic Idea? 


Cootmoed from Page 9 
minimize the collective cost of set- 
tling their dispute.' 

What makes the prisoner’s di- 
lemma so compelling and so frus- 
trating is that noncooperative be- 
havior dominates cooperative 
behavior in spite of the certain 
knowledge that the process will 
burn $20,000 in legal fees. 

And it is here that Mr. Ashen- 
f el ter and Mr. Bloom strike their 
blow against tbe bar, offering evi- 
dence that noncooperation pays — 
that the nkriy payoff in hiring a 
lawyer does exceed the cost 

In a yet-to-be-pnblished paper 
entitled “Lawyers as Agents of the 
Devil,” the two economists looked 
first at public-employee wage dis- 
putes from 1981 to 1984 in New 
Jersey, where arbitrators, rather 
than splitting the difference; were 
required to choose one of tbe dis- 
putants* final offers. 

By the estimates of Mr. Ashen- 
fdter and Mr. Bloom, expert repre- 
sentation sufficiently increased the 
probability of winning to make it 
worthwhile to hire a lawyer. 

They also examined the out- 
comes of 755 union grievance pro- 
ceedings in Pennsylvania in winch 
arbitrators decided whether em- 
ployers had the right to discharge 
workers. Here, they assumed that 


the loss of a coveted union job cut 
an average worker's future earning 
power by 10 percent and calculated 
that the improved chances of keep- 
ing that job by retaining a lawyer 
was worth at the very lost $5,000 
— far more than the cost of repre- 
sentation. 

Similar results were found in a 
study by the Rand Corp. Institute 
for Civil Justice involving debt-col- 
lection, personal-injury and 
breach-of -contract cases resolved 
through arbitration in Pittsburgh. 

It is possible, Mr. Ashenfeher 
and Mr. Bloom concede, that cases 
in which both rides are represented 
by lawyera are most limy to pro- 
race equitable results. If that is 
true, then there is no genuine waste 
— no failure of the legal market to 
produce an efficient result — as- 
suming that justice has a value ex- 
ceeding the extra cost of hiring law- 
yers to pursue it 

But a lawyer's job in tbe adver- 
sarial system is to win, not to pro- 
duce justice, notes Gordon Tul- 
lock, a lawyer by training and an 
economist at the University of Ari- 
zona. Thus it is also possible that 
the presence of lawyers reduces the 
probability that a judge, a jury or 
an arbitrator win arrive at the just 
solution. 

Indeed, Mr. Tullock says that the 


Continental European legal sys- 
tem, in which the court itself takes 
the lead in ferreting out and inter- 
preting evidence, is both cheaper 
and more just than the American 
system. 

In any event, economists may 
not have the last word on the games 
that lawyers and their diems are 
compelled to play. Douglas Baird, 
director of the law and economics 
program at the University of Chi- 
cago Law School, contends that the 
‘traditional prisoner’s dilemma 
ends badly only because the prison- 
os aren't aide to communicate or 
to hold the other to an agreement." 
And, he assets, those conditions 
do not typically apply to legal dis- 
putes. 

Ronald Gilson of Stanford Law 
School and Robert Mnooidn of 
Harvard Law School mess the 
point further in an article soon to 
be published in tbe Columbia Law 
Review. They argue that if parties 
to a dispute believed that they 
stood to gain collectively from co- 
operation, and if each was in a 
position to neutralize the advan- 
tage of trickery by the other, would 
cooperation not become the domi- 
nant strategy? 

By the same token, they say that 
lawyers themselves often have 
strong incentives to signal a will- 


ingness to cooperate. Because 
many clients prefer to hire lawyers 
who are disinclined to no-holds- 
barred warfare (provided the other 
ride acts the same), it would pay 
many lawyere to establish reputa- 
tions as peacemakers. 

Indeed, they note that the di- 
vorce bar is dearly divided between 
“gladiators" out for blood and 
“peacemakers” who seek amicable 
resolution. 

But if tbe free market is inclined 
to reward lawyers who use low-cost 
strategies, why has there been an 
escalation in civil litigation in re- 
cent decades? One reason, Mb. 
Mnookin argues, is that as the legal 
profession has grown, it has be- 
come harder for lawyers to estab- 
lish a dear reputation as peace- 
makers among other lawyers and 
potential clients. 

Another is that commercial law 
has become more complex, offering 
more ways for an advocate to hide 
his intentions and fail to honor the 
spirit of an interim agreement. 

This “noise” in the legal system is 
often so loud, Mr. Mnookin sug- 
gests, that it is easy to mismierpret 
tbe other ride’s strategy. And a very 
noisy case may lead to the classic 
prisoner's dilemma, in wind] neither 
party can risk a cooperative stance 
test be be tagged as the sucker. 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 26 - 27 , 1994 


Tfr'r*;. j.,.' 


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Hong Kong Banks 
Follow the Fed 
And Raise Rates 


Bloomberg Business News 

^HOMGKONG-Hong Rone's 
buta rased their depSdTid 
lending rates on Friday, a result of 
the Federal Reserve’s tightening of 
U.5. short-term interest rates. 

Because Hong Kong pegs its dol- 
lar to the U.S. dollar, Hong Kong 
interest rates are strongly influ- 
enced by moves in US. rates. 

The Hoi® Kong Association of 
Banks, the territoiys banking car- 
tel, said effective Monday the uuer- 
est rates local banks pay on savings 
and call deposits will ir iff M y by 
Q.5 percentage point to 2.0 percent. 
Rates on other retail deposits will 
rise by 0.75 point to between 205 
percent and 4.50 percept. 

Hongkong & Shanghai Banking 
Coro, and Standard Chartered 
Bank said they were raising then- 
prime lending rates 0.25 of a per- 
centage point to 6.7 percent 

The association was responding 
to two quarter-point increases since 
Feb, 4 m the Federal Reserve’s tar- 
get for the federal funds rate, which 
banks charge each other for over- 
night loans. The rate now stands at 
330 percent. 

But the Fed has not change the 
discount rate, the rate at which it 
lends to commercial banks, and the 
Hong Kong Monetary Authority 
said that as a resoh, it would not alter 
the rale band of the liquidity adjust- 


nwit facility, the laiitory’s Camva- 
katof the U3. discount window. 

By raising their deposit rates by 
between OJO percentage points 
and 0.75 points and their prime 
lending rate just 0.25 percent, the 
Hong Kong banks are narrowing 
the gap between what they pay in 
interest to depositors and what 
they earn from making loans. 

That will not squeeze their prof- 
its much because the deposits af- 
fected are a relatively small part of 
overall deposits. 

■ Fuller Disclosure 

The Stock Exchange of Hong 
Kong said it was proposing rules 

c hang es for pubbdy traded compa- 
nies that would improve disclosure, 
Ronere reported. The changes would 
force banks to reveal their inner re- 
serves within the next two yeare. 

Banks are allowed by law to keep 
hidden reserves, although some, no- 
tably HSBC Holdings PLC, parent 
of Hongkong & Shanghai Rank. 
have revealed them in recent years. 

Other proposals would demand 
disclosure of total amounts of direc- 
tors' pay, disclosure of the profit 
and loss account for pension contri- 
butions; incorporation into annnni 
accounts of revalued pr operties; and 
disclosure of the top 10 largest regis- 
tered shareholders rmleac they own 
less than a 3 percent stake. 



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Orient Overseas Rebounds 

Container Line’s Restructuring Pays Off 


By Kevin Murphy 

International Herald Tribune 

HONG KONG — The container shipping line 
Orient Overseas (International) Ltd. reported its 
first significant profit in seven yeare Friday, mark- 
ing a turnaround for a company whose difficulties 
prompted a massive restructuring last decade. 

Nearly sunk in 1986 as a casualty of a global 
shipping downturn and poor financial manage- 
ment, Orient Overseas has emerged as a lean, 
rehabilitated company poised to profit from an 
up tide in world trade flows, analysts said. 

“We’ve been keeping a very low profile,” said 
C.H. Tung, chairman of Orient Overseas, at the 
company’s first large briefing for analysts and 
reporters in several years. “Now we believe we 
have a solid base from which to move forward.” 

Stricken with $900 million in debt and negligible 
net worth in the depths of an international ship- 
ping slump. Orient Overseas was too latge and 
complex a business to be allowed go under by its 
lending banks eight years ago. 

In the lengthy restructuring that ensued, the 
company streamlined a convoluted tax and corpo- 
rate structure. It sold off a slew of noncore assets 
and bolstered operations in its area of specializa- 
tion, container handling. 

Over time it divested its share of Hong Kong 
International Te rminals, one of the colony 1 s con- 
tainer pons; its stake in Furness Withy & Co_ a 
British shipping company; surplus property, insur- 
ance interests, and a offshore drilling operation. 

In the process Orient Overseas repositioned it- 
self as a carrier of high-quality goods that earn big 
margins. It entered into strategic alliances with 
rivals such as American President Lines, SeaLand 
on trans-Pacific routes and Maersk, P & O Con- 
tainers and NedHoyd lines in the North Atlantic. 

“Over a period of time they have done an abso- 
lutely brillumt job of bringing back it back from 
the brink of disaster,” said Frank O’Reilly, of 
Credit Lyonnais Securities (Asia) Ltd. 

“This is a company with oodles of assets in it. If 
it achieves even a marginally improved return on 
its assets, it has great potential,” Mr. O’Reilly said. 

Orient Overseas said Friday that its after-tax 


profit last year was SI37.2 million, up from SI.7 
minion the previous year and that the first divi- 
dend, 1.3 cents a share, would be paid since the 
restructuring. Most oT the profit was the result of 
asset sales. 

The group's net debt-to-equity ratio stood at 0.1 
while cash on hand and investments surged to 5477 
mill inn, a story it intends to spread by resuscitating 
a long dormant investor relations program. 

“We now have one of the strongest balance 
sheets in our industry." said Simon Brough, chief 

This is a company with 
oodles of assets. If it achieves 
even a marginally 
improved return on Hs assets, 
it has great potential. 9 

Frank O'Reilly, 

Credit Lyonnais Securities (Asia) 

financial officer of a company whose shares are 
trading in Hong Kong on a price/earnings multi-- 
pie of 1.76 based an 1993 earnings. 

Just over 50 percent of the stock is owned by the 
Tung family, which fled Shanghai when the Com- 
munists took power in 1949. 

Orion Overseas recently placed a $500 million 
order for six large container ships to be delivered in 
late 1995 and early 1996. These will allow it to 
retire up to 1 1 smaller ships. 

Also, in a bid to capitalize on Mr. Tung’s politi- 
cal connections — be is a member of Hong Kong’s 
Executive Council, which counsels the colony’s 
governor, while also serving as an appointed advis- 
er to Beijing — the company is expanding its 
investments throughout China. 

While investigating port and shipping projects, 
Orient Overseas has taken a stake in a large real 
estate development in central Beijing and did not 
rule out selling a strategic stake to a Chinese 
investor. 


The Ok Tedi gold mine in Papua 
New Guinea, which was consoli- 
dated into the latest results, is per- 
forming better than many analysts 
had expected, BHP said, and the 
minerals division's results gained 
from rising copper prices. 

That division’s profit rose 1 1 po- 
tent to a record 2092 millio n dollars. 

BHP*s profit for the first nine 
months of its financial year, which 
ends May 3 1, rose 27 percent to 924 
million dollars. 

The company said it would pay a 
dividend of 23 cents a share after 
company taxes, up from 21 cents. 

Toe result puts BHP on track for 
another bflJion-dollar annual prof- 
it 

(Bloomberg, AFP, Knight-Ridder) 


China Plans Inquiry on Price Increases 


Compiled bp Our Staff From Dispatches 

BEIJING — China's leaders 
have ordered a nationwide inquiry 
into soaring prices and unre- 
strained capital investment, as in- 
flation’s Awmaop- reaches dewier. 

The official People's Daily an- 
nounced Friday mat the State 
Council, or cabinet, had ordered 
city and provincial leaders to inves- 
tigate pricing as the official urban 
inflati on rate hit neatly 26 percent 
in February. 

points oftiie investigation" would 
be prices of goods and services that 
are “dosdy connected to people’s 


lives or are baric necessities. 

The monitoring will apply to 
about 20 products, mainly food sta- 
ples, but also some raw materials 
on which prices have recently 
soared. 

The government has warned of 
heavy fines and the withdrawal of 
business licenses for those found 
guilty of fading price increases. 

Underlining government fears 
over uncontrolled capital invest- 
ments, the People’s Bank of China 
gathered regional managers in the 
coastal city of Fuzhou to explain to 
them once again the importance of 
slowing down capital investment 


Yin Jieyan, a deputy governor of 
the central bank, said at (he meet- 
ing the bank's main task was “to 
strictly control loans for fixed-asset 
investment," the People’s Daily 
said 

“How the controls are imple- 
mented will be a decisive factor in 
maintainin g a good economic envi- 
ronment tins year,” Mr. Yin said. 

The double-pronged attack on 
the causes of inflation reflects the 
fear among Beijing's leaders that 
soaring prices could turn the popu- 
lation against them. 

The annual session of China’s 


Page 13 

ASIA/PACIFIC 


BHP Profit 

Surpasses 

Forecasts 

Compiled b v Our Staff Front Dispatches 

MELBOURNE — Broken HID 
Pry„ Australia’s largest company, 
said Friday that its third-quarter 
net profit had risen by a laxger- 
than-expcctcd 26 percent. 

The resources giant said the net 
result for the quarter ended Feb. 28 
was 284 million Australian dollars 
($202 million), or 21.2 cents a 
share, after 226 mini on dollars, or 
17.4 cents a share, a year earlier. 

Its steel, oil and minerals divi- 
sions turned in strong perfor- 
mances, with minerals the surprise 
star performer. 

Analysts had forecast a profit of 
203 mini on to 229 million dollars. 
The stock rose sharply to 17.60 dol- 
lars a share, before tailing off to 
dose unchanged cm the day at 1734. 

BHP said the profit improvement 
reflected increased shipments of cop- 
per, manganese and coal The higher 
vohnne helped overcome lower prices 



legislature closed tins week after 
days of debate over “stability," 
which Beijing now considers its 
paramount task. 

China's last major brash with 
inflation was in the late 1980s, a 
time that culminated in the 1989 
pro-democracy protests that the 
government put down by force. 

While the effects of the recent 
inflationary surge have been miti- 
gated by fast economic growth, 
widening income unbalances mean 
that more and more of China's peo- 
ple are finding themselves left be- 
hind as prices soar. 


Sources: Fteuters, AFP 


Very briefly; 

• Sun Hung KM Properties Ltd’s profit attributable to shareholders rose 
31 percent m the six months ended Dec. 31, to 4.24 billion Hong Kong 
dollars ($549 million), compared with a year earlier. 

• The Philippine Stock Exchange was bom, treating a single pricc sysrem 
between the Manila and Makati trading floors after 31 years of division. 

• Nissan Motor Co. announced a program to expand imports and local 

S rocurement in the United States to a total of $5.1 billion a year by 1997- 
S; it is the first voluntary proposal by a Japanese automaker aimed at 
breaking the impasse in the Japan-U.S. trade framework talks. 

■ Unions at sndi major electronics companies as Hitachi luL, Sony Corp. 
and Fujitsu Ltd. accepted wage increases of 3.05 percent, a postwar low, 
and canceled strikes scheduled for Friday. 

• The Tokyo Stock Exchange said corporate investors made a record 
180.75 billion yen in net equity sides on the Tokyo, Osaka and Nagoya 
stock exchanges in the week to March 18. 

• Hazama Corp. said it would incur a loss of 4.5 billion yen ($43 million) 
on the liquidation of Hazama Corp. (Australia) Pty^ a subsidiary that has 
been hurt by the weak real estate market in Australia. 

Kmghi-Riddcr, AFX, AFP 


Tower to Rise in Hong Kong 


Agfsux France- r tesse 

HONG KONG — A cash-rich 
Hang Kong real estate developer, 
Chmachem Group, announced a 
plan Friday to construct the 
world’s tallest building in a show of 
confidence in the territory’s future 
after 1997. 

CHnachemwill build the 468-me- 
ter (1.5 35-foot) office building for 
about 10 b£Dion Hong Kong dollars 
(about SI .2 billion) without resort- 


ing to bank loans or partners, the 
company said 

The 108-story edifice, to be 
named Nina Tower after the 
group’s chairman. Nina Wang, will 
surpass the planned 457-meter 
Chongqing Tower in Chongqing, 
China; the 450-meter Petronas 
Tower under construction in Kuala 
Lumpur; the 443-meter Sears Tow- 
er in Chicago and the 431-meter 
Aria Plaza in Kaohshmg, Taiwan. 


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U un. let Pom 0)47 


mmmM 


MOVING 


7)C MTERNATONAL MOVERS 

Hoad Offim Wbrid Trade Cantor 
Rotterdam. Tet 31 (10] 405 2090 

MOVE Jfci- FRANCE 

Dtsbardns • PASS SB !-43>tt2164 
Demnport - 1>0CE 05241062 pal free) 
MOVE Ms- AUSTRIA 
Sobatt-Vhreia (431- 226538 

MOVE Ffus- NORWAY 


^INTEBDEAN 

FOR A ESTIMATE CALL 


AMSTERDAM 31 
ATWWS 30 
BARCELONA 34 
86RUN 49 
BOW 49 


1 


MANCH ESTER 44 

PARISH 

vjb* 5T1 
wed 

ZUBCHl 

nanm 

ATIANTA^^^ 
WASHINGTON 1 


8993 24 
961 T2 12 
452 31 11 
238 5400 
II) 59 920 
11 17 05 91 

759 22 85 
85 67 44 
W) 2001 
3438530 
941 41 41 
4712450 
877 5100 
14150 36 
39 201400 
845 4704 
i) 523187 
9450400 
3130 30 
g 497 13 37 
3 6204819 


AmerinmM 81-953 3636 
MOVE Am- HOUAfD 
N*mi 010-437 2255 
MOVE Aa-IKLAND 
Bawty Snwfc-DubSn (3531 1- 28370)1 
MOVEifts-ffiUr 
VmC&Scotto- MBAN (39)2-26140557 
fSnddo Bnddi ■ ROMEJ391 64I5ZH 
MOVE Ate -GBMANY 
MS (4916172- 457031 
MOVE Ore -BBJRUM 
fester 0 2- 4222110 
MOVE flu* - SPAM 
Gi Stauffer (34) 1-575 9 844 . 

MOVE ta-SWTTZBHAND 
Geneva Honth (41)22-3004300 

77C AOOH> VAUJE W MOVWCf 


IMMBNAIE IEGAL GOVT BSUB 

CITIZENSHIPS 
2ND TRAVEL 
DOCUMENTS 
2ND 

NATIONALITY 

100* Legal Gwenmerf N u eono fant ion 
Ifw Economic InvcsfmenL 60 to 90 
Days An to Entail Dm) Nctionaity. 
Resdency if desired. BdV dared coun- 
tries cawing So. & CcrtnJ Aranra, , 
CoomomcaHi ad EC GkW *» 
free tod Fn*» WOO to S250im 
Money n Escrow. No paynert unless 
cyp t rnti on suxesduL A dfesraKp ta 
nr Lite. Go wtti ptofcroonafa you con 
(rest. Offices woridwida. Not ovtdoHo i 
to UX. residef*. 

Faxon fariemationd Law 

No. 1 Northumberland Ave. 

Loraloo, WC 7N 5BW, UJC. 

Fax London for deJoi.- 
ta (+4471)439-0262 or 872-5539 



SaGaAD^T^ny 0 * 453594 
BUCHAREST 40 if 211 K68 

BUUPBT 36 I 277 28 77 

MOSCOW 7 195) 132 3511 

KAfiUE 42 21 301 72 39 

^WARSAW 48(25) 40 8887 

ONE NAMZ ONE COMPANY 


NPL 

MOVING 


A.GS. LC*®ON 
A-OS. PARTS* 

A.&5- MUSSfi 
A.&S. BETUNI 
A.QJ. ■ 
A.&&.HH 
A-Gi PRAGUE! 
A.05.WARSAJ 



wn Moyas 


ftwP)48354700fac48 35 47 0l 


BUSINESS 

OPPORTUNITIES 

EXPAM) YQU& OUT 

■jsaaa tsstm 

WOntWIUE MFO bwAmbukan 
ta (44) 71 580 4729 

2ND TtAVH. Doarai^Gtonhp 
available Through 10(W legal 
NtfuraEzation. Coinafae dofcnsy m 
90 dan. Economic tmnftMt* Strt 
at $19-500. fill protection of jw 
funds. No paynm units you rear* 
JowdowSrti. ta (+ +31) 2M44 
w 46 Swig Inc. _ 

HHVBTQBS W ANTED - GmewUM 
wtah ■w** n ?U* setag 
investors wortorede. Good reTwn w 
inreslniwt tows 
Tat B13 7324800, ta (815) 732- 

WANIHfc 10 usd HwWberg Spaat 

dgareta pffBBE spes 1 “**- 


NANNIES and domestics 


BUSINESS SERVICES 

EUROPE’S 
LOW COST 
CALLING CARD 

Get nl lt» c onv en ience or your 
AraaricaiaAg aid K (he 
price (Brocafis) 

* toB aCng cord funcrianaily 
•tapfaequofiy 

* M europear ewerage 

Contort h now ml Oat song today 

INTERGLOBE 

T«l +4471 9720600 
Fta +44 71 972 0801 


/Monroe^ 

Nannies 

bnuunoiui 




■NURSffimKB 
■G 0 VBWES 5 B ! 

Aatoriaxiksmcetftoas, 

.. MrwANffiAGSS* 

N L 'SiCl&SE fy 

\ uKta SNa S90S S 

PosrfxQ Ns availasj^ — 

AU PAN FtOM HO UAtg 

SVSjgt 

PIT ) 233-3277 (jSK — -- 

Moners hbp fa 

now »)«, navanoto. W9 w"- 
Tet 0221-4^497 -- 

MQOCHE m»MC 

rnii f ^ e 7rt°« , 9^teef — 

POSITIO NS WANTED — 

■55H; ^S^ASfwortSS 


o a Sheila Davis 
Agency 

■Qwn6d»laCl«r» 

IM^oncl Domert: EriKtoymert 

jtaffovaftablenow. 
1*1:44(071^7502 
Fax: 772 

ik fcanw 5.E.327S7 


NAWfiSOFSTJAMH 

Wn “ faU(B1«3«M 

tSftSftr 

iSEflUi 

a Bieahen Mp>. Ni 


«#s5*a 


$0.29/ usd/i 


I NEAX CHAMPS BXSEES, Oh Saar, 
l lone Ivina, 3 bettooca, 2 bate, 
nmr, view on ^rdens. com- 
farnahed & eamped. FIBDOO 
efcOwiwn)«SraOO. 




We conned far kss, rowhr par more? 

lowest ram to and from the USA: 
Aflcorim SA74 Hong Kona S0 l5T 
Au5tofc5034 ImSagAS 

Brazi SMS Jcftoto 50.45 

Germany: 5046 Freocei JO M 

Sprit 50JSP Tanzrnai 51^0 

PMpnes, JL0D Yugoslav*! St-01 


Grit now far ta* ee fc ahe 
Ran (33-1) 37 28 00 19 
USA 1-305-386 S343 
ta 1-305-386 6352 
Ectu up to 10% coRHHiion an the 
wariifi lowest rotas, fire CV or caL 


SECURITY AND 
SURVEILLANCE 



SWITZERLAND 
1H US HBP YOU S*d a bvriy 


USA RESIDENTIAL 


LyjI*V>j 
iIKi* 




REAL ESTATE 
TO RENT/SHARE 



ABF AMU 

POP AIL YOU! OttD CASE NSfiDS 
Tei/ta: MBS (33-1) 42 00 56 90 

PROFESSIONAL ■JUBUYAIH et- 
Mrieiud in man Km & VIP. lector. 
Scetepoown in private nrvirx Gal 
Mr VMwta telanaon 44 71 928 2533 
US. 19, UMVBSITY STUDENT 
driver t Eome.iedb.aD pair parliaa 
with FrereJi fandv Mm 15 - end 
Augun. Cortad h Porta ID C57 9101 
PIESIKE SERVICES, Teh Pare 33/1-46 
244262. Hoatenpen, w*« tf r 


POR1UGUEZ COUPIE, V. «perim», 
Frendi/Snoetah sue Encst Avafl. 
abb Porta (I) 4353 45K 


YACHT VACATIONS WORLDWIDE 
Motor, wi, luxury crewed or seif-jci 
Corporate end incenhve progranrae. 
Stardust Yachting I*nrf»d 
22 Grasvenor Square 
London W1X 9LF 

Td 44 71 629 0799 ta 44 71 629 09B9 



Claudia POschel-Knles GmbH 

well known iBtsmartonal high class Partnership-Agency 
over 25 yearaof axperleace and know-how 

Please call dally from 3 to 7 p.m. 
also sat. + son. (except Wednesdays) 



OUR SELECTED CLIENTS. INCLUDES 
THE INTERNATIONAL 'U HAUTE SOCtETT: 
POLITICIANS, DIPLOMATS, ARISTOCRATS, 
If CAL PROFESSIONS, MEDICAL DOCTORS, 
ARCHITECTS, BANKERS, INDUSTRIALISTS, 
ECONOMY MANABERS, DIRECTORS EXECUTIVES— 


EJJPWYJgjT^ 

GENERAL POSITIONS 
AVAILABLE 


LEGAL SERVICES 


Prafentomd BriKtb Bodyguard 
Special Fortw Trarned, avaUb 
acrt/lcng term. Extensive woridwide 


BANKING 

BJ’.O.’* and hmdan i m trumenh 
avoUte for oofeJsncS cortroco. For 
pm and Ubmaan contact OdniOe 
Securities on tab 44 71 937 9956, fax 
4471 937 2279. 

CAPITAL WANTED 

PRIVATE HUB ttoms. £A5M. , 
for the perchme of purpose butt 
nursing hornet in Ihe UK. let an 44 . 
(Dtai 845 05CT. pm 44 0425 628401 


REAL ESTATE 
FOR SALE 


TUSCANY, ON MU. WAR SEA 
ttmudional 400 sqm. via set in o 5 
acre park- Ancient lam steeps 4, ■ 
guest house deeps a semrt s hotne 
wap A sunnim poot Please far 
Borne &6 (B9Z&6 or tans 396 
782532 

PARIS A SUBURBS ~ 



Head office Oennany-f 'nmMkot. Mrs. Senior: T. (0049) 69 - 239306, FAX (0046) 68 - 239846 
We are prevd to hmodaca: - a young lady Iren Mgb-da» dretes 

You too desajve only Uu bes*„ EXQUISITE EUROPEAN TOP-LADY 28 veara/168 cm, eatrapreMOfs danghtar, wbo twris at homo to all 
I nie motional dtoaflans. Toe-reprBseattw and nowadays irerUag 1a adwHtwg and martstlng. A Moada, ioog-bafrmj, coafMent, spaitllog, 
roodeni eraatara with dan and sax-appeal, axceedlngty feminine and natoniL- She Hhu to hngta, is spontaneous and eathmtaatic, 
sportive, rides (own horse), salts, saris. Is musical (plays pkso), sensMvs. gealte and emattonaL Heiress to a large tortane. 

Ptsass cafl as: CeiBiiV^anklmt (+49) B9 - 23 83 06, dafiy ftom 3 to 7 plM. (otoosaUMB.) except MCtaesday, FAX (0049) 60 - 23 98 4& 


rv\ Edith Brigitia 

Ov Fahrenkrog 


CAR ON RNANCCr - Meed to mB - 
Meed croft nmdotefy? No proUnril 
We m you cosh tor your relnae 
[RHD * LHDJ and ciow you to asmr 
on matino yewt repayments, ta (44) 
715B0C^>(WVa 

ALTO SHIPPING 




LOW COST FUGHTS 



new TAX-FRS used 
AlUJEAnNGMAXB 

Same day re g i i tro fa i poaeaMe 
renewchte up to 5 years 
We oho register eon rein 
(expired) foreign (tax-free) pbtas 

KZKOVTT5 _ 

Affred fedtaf Street Itt OtFCSH S*Kh 
Td: 01/202 76 ia Telex: 815915. 
ta 01/202 76 30 


OCEANWIDE MOTORS I 

Saw 1972 brofers For Mefcedes, BMW. 
Porschn, GM & Ford WdrUvodo 

w'of’iTr. VCLm I 


Fahrenkrog 

Say YBS-. TO APMUNHgmpTH nCXXft l THE 
INTERNATIONAL PARTNERSHIP-AGENCY 
wnn ABSOUtre PERSONAL ASSUTANra 
GCVEMEYOUKTUXCOCfflDBeCX. 

Call me every day (alsoSatSu/) 
GERMANY, ELKEMwaorntAK 51. 

[>60316 FRANKFURT AM MAIN. 3-7 PM. 

T*L (0)161 -263 49 00 
Tdj (0)69 -43 19 79 
Fax: (.9) 69 -43 29 66 


NOW YOU CAN FK YOUR ATTOOfTMENT FOR 
■ NEW YORK - LOS ANGELES - HONG KONG 

EX CLUSIV E INTERNATIONAL OFFICE 

CONFIDENTIAL FRANKFURT -IN THE HEART OF EUROPE 




area end reauntaim. ARrafin 
Fas 41-21-329 00 52. 


BOATS/yACHTS 


PARIS AREA FUBNKHED 


PARSHASmiE 
HOME PLAZA Suite Hotel 

SOKKSUCTION 
Sum Hr tfesL hArtauppcd. 
1/5 atom. Oaicsi. tV, Content 
Tefc 1^21 2221 Far 1-47008240 


74 CHAMPS arsas 

CLARIDGE 

FOR. 1 W9C OR MORE high dm 
etodift lagoon no ntowm . RJU.Y 
£QUfm MMHXATE RBBtVAUONS 
Tel: (1) 44 13 33 33 


■ 1 


TAMO INDIAN ART 

as preserd/ tedrixted in Vk 

0 raaai. Privota cokctan of ow 

1 pieces of stone saVpcure for sde. 
1el/ta (33-1) 45 48 8802 


COUHTTIBUS 1 

BARE BfGUSH VICTORIAN GJ.O 
Letter Box 1880-1901, oood ori^nd 
cootWon c omplet e . Oran around 
07,000 TeL 44 2906798 

COLLE GES & ' 

UNIVEkSiliiLS 

EARN UMVBSTY degrees uftring 
writ, Ife 5 n egriem ic experience For 
iwduoten & irformaion forMird re- 
sum ta Barite Southern University, 
9581 W. Pkn BJvd. Dept 121, Loc 
AamUsl CA 90S35 USA 


VAIS COUEGE DTORffiS BA, MA 
PhD. P.O. Bax 2317. Gretoo. LA 
70053. FAX 504367-302 USA 

HOLIDAY RENTALS 

GREBOE 

W5TOS1C HOUSE. ovaJopUna old 
labour, tdmd or S p ee tx Greece. 
Steeps 12-14. FJI of ontnis end 
Greek charm. 4 b at h room. DrigMul 
marten. Maid mafaUe. Box 3®, 53 
fog Acre, London, WC2f 9JH 


O MOPfTE CARLO- NEW YORK -FLORIDA.. 

INTL INDU5I1UALST. EARLY 4(rsnj88L A MAN OF THE WORLD 1 
WHO IS VERY SUCCESSFUL. WTTH JHS WORLDWIDE COMPANIES 
THE CHARMING GENTLEMAN IS DARK HARED WTTH BLUE EYES AND A ' 
MASCULINE OUTLOOK. A SPORTY AND ELEGANT APPEARANCE, WITH AN 
EXCELLENT BACKGROUND. HE IS ALSO WARM HEARTH), ROMANTIC 
GENBtOUS.WITH A (MOD SHOE OP RUMOR. A MAN WHO LQVE5 FAMILY 
LIFE. HB SPORTY INTERESTS ARE GOLF, TENNIS, WATERSPORTS At© 
SWING. IC K LOOKING FOR THE RIGHT WOMAN TO START A WONDGBRH- , 
RrTURE TOGETHER- 

PLEASE CALL: GERMANY (8)161/1(34980 or(B1 «VO 1979 , 


Wanted: Dreamgrl 
For A Dreamboy 

Hi! My name is Dreamboy {Actually, ft's only a pseudonym), and 
my Dreamglri Isa good-natured, warm-hearted, cute'n eorReous 
female IDteamgWs usually arch in the 20-25 age braoet (Qve 
or late a coupte of jearsh not been divorced, nor comes bom a 
broken home (Not that there's anything Inherently wrong with 
either of the above); has a good, sound family upbringing and a 
solid sense of moral values, and is therefore sensible and 
sensitive enough as to cherish, appreciate and reciprocate lew. 
loyalty, faithfulness, confidence and integrity; perfectly 
bilingual, English-French (Other languages an asset); has a 
imtetsity or college education; ncm-smotar or pet-teepen easy- 
going & rrald-tempered. with a toteiant open-minded attitude, 
a broad outlook, a universal perspective & a diversified. 
Internal Iona! sodo-cui rural background, having been exposed 
to a variety of cultures. Dreamglri. where at£ you? Your 
Dreamboy is fust dying to meet you! tie is a young, handsome, 
affable gentleman of Middle Eastern descent; rather westernized 
more life the cosmopolitan, “yuppie" type. He lives & works in an 
international setting; speaks four languages; is single & has 
always been so. He is waiting for you. and looking forward to 
welcoming you into his life, and into his home — his cnm. 
brand-new. magnificent lakefront apartment in the elegant resort 
town of Montreux. situated on the shores of Lake L&nan in the 
beautiful Swiss Riviera. Please drop me a line at the following 
address: eh CP. 372, 1290 Venoix, Sw ft w ria ad. You new 
know! That letter could change your fife - and mine - 'For 
Better or for Worse". HI be delighted to hear from you. and look 
forward to meeting you. DREAMBOY 

JUL If you have already responded to this ad but hawnt heard 
from me yet, then I haven't received your letter. Please write 
to me again at the new adkfress above. , 


BItOffiAN MARRIAGE BUREAU 
For *Mn»g people. 

r.i r_ I iiTiu a i«- 

UHmoeiwMiy. nan iwragvw, 


WORIDWIDE EXCLUSIVE MARRIAGE AGENCY 


“ Real Estate in the 

South of France, 
French Riviera and Monaco 

SPECIAL HEADING, 

APRIL 8, 1994 

To place your classified ad or for marc infomwtion. 
Contact the IHTin Paris:, 

TeL- ( 35 - 1 ) 463793 85 F« C 33 -D 46 37 93 70 

or your local l.H.T. Office or representative 



dip l omacy, po&tics, comrnweo, rwuareh, industry, Bnaackd affaire. 

First doss raftered hxfiwl oearetamod to «*quteho Rftastyks. 

Yho succonful end 6w becrotBuL. 

FOR THE BEST W HIGH SOCIETY- MARRIAGE IIEUATION WORLDWIDE 

gabriele thiers-bense 

EXCLUSIVE IN MUNGH-GERUANY Fate +49 • 89 - $423455 

Tri: +49 ■ M • 6^3451 ■ daSy 10 • 19 hra 

ARE YOU SEEKING THE EXTRAORDINARY-? - For ow 20 yam a'unll known VERY BEAUTIFUL 
ACTRE55 - 40/S^ Oj*to»flarei9nMU , « 1 ^^^f lo ^^^l* o ^ h *^‘^^P««l“a«AsodDwn 
to •»* pwfadbwL she paamMpttkm and slrenrih, on btpreoing dxnwno, which is ctfriuriina. Being o 
member d an estoUtaheo entarprne, she ha re exeMeni red preKfiea seme for business. A runwrinUe md 
loscinoSng womgn tfojfined to be he inipirofion for a neUe penoreAy of rfoSncfan. For marriage on^. 

NEW YOK - ZURICH and ■ A LEADWG PBISONALrTY WnMN A FAMOUS WORLD BANK- 



- a Irfxikw peorto rw mxy genunw ««n. irnnu, wm rmea monners ona toe very beta m 

character aid integrity. Graduated of dh 15 UniwtaSK. Apart Iran Ks My heritage 6* intornoftonai rade 
to 6*f and vduabte cbm friends, he am aRer, whaf money am' I bur. tadng ofleefan, rincertay and Bw kind of 
vwtoring spirit, wfodi mriaBtodi men w ineratefcte- Fcsr marriage only. 

Your application b being bandUd | CaitfidBnfiaBy, Ay awndninent only. 

I>91$45 MDnaiBii+brladiirig, HarAousw&raBe 10B 

V For rasponrifale peopltt only ■* 







INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 26-27. 1994 



NASDAQ 

Friday's Prices 

v NASDAQ prices as of 4 pjn. New York time. 
Th® list compiled by me AP, consists of the 1 ,000 
most traded securities tn terms of dollar value- N is 
updated (Mrice a year. 


UMorei SK 

►* 0*1 Low Stack Dfv rid PE 100 s Hfctfi LnwLareSfCIi’tw 


TOLOW Stack Div Yld PE TOO* HU LMLriMOi'flC I HtahLOW Stack Dhf YW PE IMS Mtan LOWLanstOl'Oe I » 0 h 5 » Stack Dta YM PE Soi W LDWLunwaYW 


TI oauiA 




26 1 /. —V, 
1299 + % 






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i 3 

46 

23 




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R 2 «:££R 


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— 


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J 3 * l 3 58 


_ 28 2074 
_ H 176 



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14 




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41 

.10 

3 

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w Yld PE 10® 1*0* LowLotadOrg, 


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$ 


IT i i 


Friday’s Closing 

Tables include the nationwide prices up to 
the dosing on Wall Street and do not reflect 
late trades elsewhere. Via The Associated Press 



?*« SW AIM Sir A 2 4 J _ 207 
37 14 MALC _ 34 512 


11 9% AM Inti fl _ _ 24 

V/u ''jANUnvrt _ _ ID 

14% 7%AMC _ 16 50 

34%21%AMCPf - _ 20 

5 ‘Vh ARC — 74 MB 

2«V*24>4ARMFpf _ _ 21 

IV. WuASR .23 Bl 4.7 - 33 

75%63'AATTI=d Z7Da 41 _ 42 

84* ThAckCorn - 48 43 

359 I’AAdSon _ - 307 

4% aV.AdvFln _ IB 33 

15V* 9%AdvMao _ _ 34 

6** %AdvMedT _ _ 44 

101% 359AdMdpf - _ ID 

5V» 3'AAdvPtlo} - _ 41 

16V. BVi AlrWd _ _ 47 

24 lBVfcAirExp 30 3 14 125 

41* J.AITOOIJ _ 18 B 

74* 5% AlamCO _ IS s 

114. BHAtoaW _ 19 42 

1BH16. AMogenn 37 40 _ 140 

IWu WuAffln - _ 11 

17V* 6%AMdR9h „ 3 71 

II* > AUouH _ 14 42 

64% 2% Alnhain _ „ 225 

12V. SMAlrtnGr — _ 170 

64 55V, Alcoa P» 3.75 U -HOD 
1% % AmaxG wf _ _ 35 

8<% 4% AmdH - _ 1010 

I' WAmhW; _ _ 192 

16% 12V1 AI=5fP2 1J5 13.1 _ 17 

TVV.17V»AFMRn 1.120 63 _ 13 

494*24 AmBIB .IS J 16 34 

8 V* 2 Vi Am Eos - _ TO 

I'Vi. 1 AExpl _ _ 222 

14V. dYi, AIM 84 .77el9_4 9 129 

16V.12WAIMB5 132 93 10 116 


84 * B% 8 % _ 

37 3646 36 V* _ 

95 % 94 * 91 * _ 

1 1 1 —V\4 

101% 109* 104% _ 

23 V* 23 23 V. tS* 

3 % 3 % 31 %, _ 

25 25 2 S 

m iVu ivi 4 _ 
65 "i 641 % 65 V. + % 
74 * 716 7 ** + % 

2 % 2 % 2 % _ 
21 * 21 * 24 * — 

1 SV* 141 * 151 * * 1 % 


B<% 41* AfJKBi! _ _ 1010 

1'A. JAAmHIt, _ - 192 

16%12WAI=sfP2 1J5 13.1 _ 17 

TVV.17VjAMRn 1.120 63 _ 13 

494*2 4 AmBIB .IS J 16 34 

85% 2Vj AmEcoS - _ TO 

>'V|4 1 AExpl _ _ 222 

14V. 4V« AIM 84 .77el9_4 9 129 

14V, 131% AIM M 132 93 10 116 

144* 1 159AIMB6n J3e S3 10 64 

IS 1 19* AIMBBn 410 33 _ 21 

47 314* Alsrod 1.05* 26 14 30 

18 12V9AmLisfs .851 b 43 19 12 


23‘A IAVbAMooA 64 2-9\OT* 79 

2359 14% AMzeB 64 201075 4 

144% 109*AmPaan _ _ 504 

9W TViAREtavn 30 103 ._ 10 

I5M. 9. ARestr 1 3D a 13-8 7 31 

BA* 3%% AWE _ „ I 

44* 2V.Am3hfS3 _ _ 70 

5 TVuATachC _ 14 20 

135% 7V. Ampal _ 60 139 

24* 1% Ampal wl — _ 59 

144% SViAmwwt 36 27 B IS 

S3** 6 59 Andrea s - 90 42 

4V U HkAngMIP _ - 

IS** v% Ana Par 1460c - 
S’* T*‘u Anubco _ 16 

144* SWApraann _ „ 

4*Ju 3>%Ai4a.d 250 S3 — 

114* 5 Vi Art. Rif _ 15 

ID 54* Arrow A ._ 17 

12U PAArfiyth _ 21 

44% 24*AtfrtHC _ 32 

12*4 V9Ahxl _ „ 

64* 44* Altontts Me 6 9 

4* V.. AtliCAA _ _ 

TV,. I Alim wf _ _ 

184* THAudwox _ 13 

4'Vo IVwAudre _ 

13 6 Aurora „ 29 


350 S3 — 10 

- 15 12 

._ 17 10 

- 21 58 

_ 32 4 

- - 8335 

_03e 6 9 5 

- _ 21 

_ _ 61 
_ 13 97 

- - 517 
~ 29 946 


15V* 144% 154* * 5* 
IV* IV* IV* —Vi, 
744 75% 74* ♦ 59 

W 35, W 
94% 9'% 91* _ 

2359 23V* 23V4 +Vi 
3'9 359 359 —5% 

646 64* 64* —5% 

104* 104* 104% —4% 
IBM 174* 18 —59 

1V» 14% IV. +V„ 

74* 74* 74* —'a 

iav% ia io — 5% 

34* 3V* 359 —5% 

75% 7 7 

60 Vi *0'9 4059 —4* 
9% Vu _ 
64* 6V. 6*5 _ 

'V» 1* J* —1% 

12 dl!4% 115% —4* 
18 171% IB —5% 

47V* 46 47Vk *159 
4V. 4'A 4V* ♦ 5% 

119 IVu 1*1. —V* 
6 d 344 3 >Vh~>V% 
144* 14 14V. —1% 

13V* 124% 1219 _ 

124* 12V. 121% —5% 
40 394* 40 -Vi. 

174% 174% 174% 

22 214* 214% _ 

215% 2119 21V9 — 5% 
12 114% 11*6 +*% 

74* 74% 74* _ 

11 104% 104% *1% 

4'A 4V« 4V. _ 

3V* 3 3 —V, 

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Saturdqy-Sunday, 
March 26-27, 1994 
Page 15 


)!*4ir.fcptf 

WOivi^Oti- 

SSjaRftfi 

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FIRST COLUMN! 


A Quarrel 
To Pick, 

But Which? 

EING what is known to the finan- 
■K c?®* markets as a contrarian is a 



rf consensus analysis are treated with grudg- 
ing respect by the majority. Openly decried, 
secretly admired, the financial polemicist 
who argues a heterodox case can be sure of a 
high-profile among fellow investors and ana- 
lysts — and usually in the media too. 

Moreover, since bang puhhdy wrong ap- 
pears not to have hindered many analytical 
careers, the contrarian route to sdf -publicity 
and an a m u sin g l y large salary appears at- 
tractive. 

' But there is, naturally enough, a problem 
with all this. Namely, how do you decide 
what to disagree with? 

The sad death of Mexican presidential 
candid at e Luis Donaldo Colosio this weds; 
presented a class case of the mo ving target 
that is called finding an original idea in the 
market p l ace. The thinking fan. roughly thi«t 
way: After pausing for a nanosecond to 
mourn the death of a good man ; the opportu- 
nistic investor decided that this would create 
a perception of political instability in the 
market, and that Mexican shares would be 
traded lower by the majority. 

‘ But tins, says our smart contrarian, is 
really an opportunity. The contrarian will 
take the political risk, buy at the discounted 
rate, and then sit back and watch as the 
"foolish majority regains confidence and 
share prices rise. Two speakers at this news- 
paper’s investment conference in Zurich this 
week said as much. 

U nfortunately, everybody 

else had figured out what the ma- 
jority would be doing too. So 
nmirh so that the contrarian think- 
ing became the boring consensus view. The 
result was, despite some nasty shocks for 
Mexican shares with New York listings that 
were traded Thursday (the Mexican marke ts 
being closed out of respect for the dead), 
'many shares actually opened higher in Fri- 
day’s trade. Notable among than was Td- 
mex, perhaps the single most popular inter- 
national play. 

• So here’s an unarguable, paradoxical 
proposition: When everyone agrees to dis- 
agree, everyone agrees. MJ3 


Utility Shares: A Qualified "Buy’ 


Feeling the Competitive Heat? * 


By Philip Crawford 


A NY movement in interest rates, like 
this week’s inching higher of short- 
term rates in the United States, 
places investor focus on the types of 
equities that are most sensitive to such move- 
ments. Perhaps foremost among those are utili- 
ties, whose relative stability and high dividends 
often attract investors when rates are low. 

US. utility stocks have already been looking 
pretty battered. The rise in long-term U.S. rates 
since autumn has sent share prices sliding, a 
trend reflected by a faBoff of IS to 20 percent in 
major sector indexes since the middle of Sep- 
tember. 

Moreover, say analysts, there’s a sense of fear 
In the market that the utility industry is headed 
for further deregulation that could set off earn- 
mgs-emshing rate wars and other destabilizing 
forces. A research report published on Nov. 1 
by Standard & Poor’s, which concluded that 
competitive pressures were indeed intensifying, 
helped scare off investors, sources said. 

The resulting picture for retail investors is 
thus a bit doudy. While few analysis are posi- 
tive an the utility sector as a whole, many say 
that the best-run companies are still quite at- 
tractive. And while equally few experts foresee 
a freely competitive landscape in Much retail 
consumers mil be able to choose their power 
company like their long-distance phone compa- 
ny, some say that the forces behind the move- 
ment and the potential ramifications are not to 
be discounted. Hence, the overall message: 
There’s value out there, but look for companies 
that have p r ep ared for further deregulation, 
should it come, and that also have shown the 
vision to explore future growth possibilities 
outride the United States. 

While the current “buy” lists of US. utility* 
analysts vary widely, several companies appear 
frequently, one of which is New Orleans-based 
Entergy Coip. In 1993, Entergy posted an oper- 
ating profit of 5475.9 million, or 52.72 a share, 
up 14 percent from $418 million, or $237 a' 
mare, m 1992. Also, a cost-cutting program 
chopped 600 jobs from the company payroll. 

“Entergy has unusually good free cash flow, 
and 1 look for good earnings per-share growth, 
which wQl be helped by stock repurchases,” 
said Kit Konolige, who covers utilities for CS 
First Boston in New York. Mr. Konolige said 
he also had “buy” ratings on Public Service Co. 
of Colorado, Chicago-based Commonwealth 
Edison Gx, and a “strong buy” on CMS Ener- 
gy Coip., a Michigan-based utility with diverse 
interests in ofl and natural gas exploration. 
Public Service Co. of Colorado is a favorite of 
other analysts as weU. many of whom cite the 
quality of its management and an aggressive 
cost-cutting plan announced in January. 

Gting interest rates as the prime driver of 


share prices in 1994 and 1995, Mr. Konolige 
cautioned that he was not “pounding the table” 
with enthusiasm on the sector as a whole. “At 
best,” be said, “ electric utility stocks will be 
moderately attractive relative to the rest of the 
market." 

Gary F. Hovis, who covers utilities for Argus 
Research in New York, said he had “buy” 
recommendations on more than 20 companies, 
with Allegheny Power System Ino, TECO En- 
ergy Inc., and Consolidated Edison Co. among 
the highest-rated. Other picks included Duke 
Power Co. and Pennsylvania Power & Light 
“You could say the same things about all of 
them,” said Mr. Hovis. “Good management 
well-contained costs, high-quality earnings, 
and favorable regulatory environments in their 
sendee areas, which essentially means a fair- 
handed balance of the interests of shareholders 
and rate payers.” 

Allegheny, which serves parts of live mid- 
Atlantic stales through three operating compa- 
nies, reported a 5.9 percent increase in 1 993 net 
income to $215.7 million, or $1.88 a share. 
Meanwhile TECO, based in Tampa, Florida, 
reported an 8 percent increase in 1993 net 
income to $1613 million, or $1.40 a share 

Looking ahead over the next two years, Mr. 
Hovis shared the opinion that the utility sector 
as a whole would not perform well but that 
certain companies would. “The general down- 
slide that began in the fall is not necessarily 
over,” he said. “I think the index could fall 
another 20 points.” 

Paul Parshley, chief utility analyst at Lehman 
Brothers in New Ycdc. said he looked for com- 
panies that were girding themselves for the 
possibility of further deregulation and that 
woe exploring emerging markets for future 
growth. He reco mme nded The Southern Co., 
based in Atlanta, Union Electric Co., based in 
Sl Louis, and Boston Edison Co„ among oth- 
ers. “We thmV there will be an overall market 
correction cm the order of 10 percent over the 
next few months,” be said. “But even within 
that context, we expect these companies to 
produce an annual return of about 10 percent.” 

Earlier this month. The So uthern Co. an- 
nounced plans to invest $380 million in new 
power stations in Chile within the next six 
years, one example among many of U.S. utility 
companies expanding their reach globally. 

“Over the next 10 years there will be a need 
for approximately 700 new power plants 
around the world,” Mr. Parshley added. 
“About 600 of them win be built outside North 
America in places Wee Southeast Asia, South 
America, India and Turkey. China is probably 
the area of largest interest. The traditional 
investor-owned utilities are chasing emerging 
markets, as are their nonregulaied subsidiaries 
and the nonregulaied independent power pro- 
ducers.” 


Asian Utilities Return 
To Saner Price Levels 


By Kevin Mnrpby 

'-W- ONG KONG — De- 

■ ■ spile recent turmoil in 

■ | most Asian stock mar- 

JL -m-kets, the region’s de- 
mand for more electricity, new 
p hone lines and expansion of other 
utilities services remains tm di rain - 
isbed. . . 

The challenge for investors is in 
finding — at & right price — the 
companies most likely to turn po- 
tential growth into actual profits. 

Stock markets in Hong Kong, 
Malaysia, Thailand, Indonesia and 
the Philippines have had a terrible 
start to the year, dedining by 23 
percent in Bangkok’s case to 17 
percent in Jakarta’s. 

In many cases utility stocks, as 
some of the largest companies on 
Asian exchanges, have borne the 
brunt of the sell-off. . 

“Utilities got hammered m most 
of these markets,” said Anthony 
Bdfingan, regional strategist at 
Pexegnne Brokerage Ltd. in Hong 
Kong. “But the infrastructure story 
in Asia hasn’t gone away, it s just 


Most Asian countries face short- 
ages erf telecommunications and 
electricity supply that complicate 
doing business and ultimately will 
constrain their economic growth ii 

not resolved. . . . . 

- Led by opportunities m China, 
which has earmarked $83 billion 
alone for new power generation 
projects in its budget for next year, 
many Asian utilities, particular! 
those in Hong Kong eyeing cross- 
border business, enjoy strong 

China light & Power, armed with 
technic al know-how and a strong 
corporate balance shatis widmy 
expected to invest in China s lead 
ing power station developments. 

ICr, despite itargwjtf 

expansion and usual safe# 

most utikoes m 

■Asia were caught ui a ues m u 

Tween concerns about nsmguj maiket. 

est rates and a chaotic withdrawal 


of some international funds from 
the region. 

Philippine Long Distance Tele- 
phone, with a virtual monopoly on 
telecommunications in that coun- 
try, fell by 23 percent from its high 
on Jan. 3. 

Tenaga Narional BIxL, Malay- 
sia’s do min ant electricity company, 
is trading at a price 29 percent 
lower than its Jan. 5 high- 

TelecomAsia Coip., a joint ven- 
ture formed in 1991 by Thailand’s 
Charoen Pokpband Croup and 
Nynex Network system that has 
won the right to expand Bangkok's 
overburdened telephone system, 
last 47 percent between Jan. 4 and 
March 21 before posting a mfld 
recovery. 

In all three cases, and in many 
others in the region, the share price 
peaks were prompted by intense 
speculation. 

"They all got swept up in the 
euphoria and afi the hype that ac- 
companied the sale of Singapore 
Telecom shares,” said an analyst in 
Hong Kong. 

He was referring to intense in- 
vestor interest that prompted the 
company ’s initial public offering to 
soar to 4 Singapore dollars ($230) 
a share — 61 times the company’s 
warning s in 1993. 

Singapore Telecom has held op 
better than most utilities in recent 
wedcs, but analysts agree the subse- 
quent sell-offs have returned most 
utilities to saner levels where good 
long-term investments are to be 
found. 

“Certainly Hong Kong Telecom, 
Champion Technology and Star 
paging, are all very much back in 
the value range.” said Panl Deay- 
ton, an analyst with Crtdrt Lyon- 
nais Securities (Asia) Lot, speak- 
ing of the colony’s leading 
telephone group and two fast- 
growing tele-pager companies. 

same can be said in Thailand 
and Malaysia.” . 

The sharp falls in regional mar- 
kets should also lead to lower pric- 
ing and more attractive opportuni- 
ties in new issues coming to the 
market. 






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I Utilities 1 

Page 17 


Useful European stocks 

-Cz)- 

U.K. electricals 

'Vr 

Global phones 

0 


I T IS the nonregulaied independent pow- 
er generating companies that are the 
source of the fears regarding future de- 
regulation. to 1992, the U.S. Energy Poli- 
cy Act freed up the ability of such companies to 
compete with the traditional highly-regulated 
utilities for wholesale customers such as mu- 
nicipalities that own their own transmission 
lines. The S&P report, say some analysts, im- 
plied that independent generators were likely to 
tie freed within several years to compete for 
retail customers as welL Such an event, other 
experts add, could send the industry into a 
competitive frenzy that might spell doom for 
investors. 

“People overreacted and were scared off by 




Swirca' Stoombefp 


International Herald Tribune 


the industry 

lated, nor do I think it should. It is too vital a 
service to be turned over to independent entre- 
preneurs.” 

Mr. Konolige painted out that since utility 
rales are regulated on a state level any sweep- 
ing changit would likely be very slow, involving 
separate actum by 50 state commissions. “I do 
think we will see some more competitive as- 
pects,” be said. “A lot of major industrial con- 
sumers of electricity are pushing for iL But I 
think any extensive open dunce is a long way 
off. and I wonder if it could ever happen for 
residential customers.” 

Mr. Parshley, meanwhile, said that the no- 
tion of free competition “didn't just show op 
with the S&P report” 

“The idea has been in the works for years,” 
he said “And yes, I think increasing deregula- 
tion is a likelihood’’ Asked whether he foresaw 
an era of total deregulation, however, Mr. 
Parshley said “It depends on which day you 
ask me.” 

“Sometimes I think things are going quickly 
in that direction." he said “bat there is a 
growing coalition against it led by consumer 
and environmental groups, and they have valid 
points to raise. But either way, it’s the compa- 
nies which have prepared for the possibility 
{hat wfll perforin the best for investors” 

The Money Report b edited by 
Martin Baker 


Justice of the Marketplace: 
Passing Judgment on Analysts 



E VERYONE knows that no one 

makes qQ the right rails when it 

comes to picking stocks, but mar- 
ket playera nevertheless depend on 
cover spe- 
there- 

while 

analysts are rating the stocks, someone is 
rating die analysts. 

In Europe, London-based Exld F inancial 
Ltd. publishes a yearly survey entitled 
“ Ranking of Investment Analysts,” in which 
brokers covering 92 separate industrial and 
geographic sectors are rated by the institu- 
tional investors who use their research most. 
For the current survey, 210 UJC-based in- 
vestment managers of insurance companies, 
pension funds, unit and investment trusts, 
and other institutional and private funds 
were polled on key questions s u rro un d in g the 
theory and quality of investment research. 

For the European utility sector, the five 
top-rated analysts or research teams were 
those from James Capd & Ox, Morgan Stan- 
ley International, Klein wort Benson Securi- 


ties, UBS Limited and S.G. Warburg Securi- 
ties. 

Adrian Probert, a senior research assistant 
at Extd, said that while the survey was sent to 
the senior person of each investment manage- 
ment firm, Extd asked that the questions 
pertaining to each market sector be answered 
by the managers who knew it best and were 
f amili ar with its analysts. 

In the United States, the monthly maga- 
zine Institutional Investor publishes the “All- 
America Research Team” in its October is- 
sue; based chiefly on the opinions of 


Inited States. More than 3000 ballots were 
sent out to pack the current “team,” 600 of 
them sent to managers outside the United 
States. Accoiding to the survey, the top utility 
analysts tins year came from Goldman Sachs, 
Prudential Securities, Kidder Peabody, and 
CS First Boston. 

For further information, call Extd Finan- 
cial Ltd in London at (44 71) 251 3333, or 
Institutional Investor in New York at (212) 
303-3300. P.C 



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Page 16 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 26-27, 1994 



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I selection Horizon 

0 Victuire Ariane 

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raNemrad Leveraged Hid — S 9493 

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m Key Diversified inc Fd LtdJS 
SAFRA REPUBLIC HOLDING 
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w Rep GAM Em Mkts Global Jt 
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d Equity Mndltenrrean 

d Equity North America J 

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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 26-27, 1994 


Page 17 


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Inlenmnocal Her«ld Tribune 


Buying Phone Shares: Where to Begin? 


; By Conrad de AenDe 


T elecommunica- 
tions companies used 
to be thought of as solid, 
steady ana dull perform- 
ers that paid fat dividends; they 
constituted a big part of ntflfty- 
s)ock portfolios. Then one country 
after another unleashed its phone 
system on the public. A tdecom 
investment sector that just a decade 
ago was dominated by a single enti- 
ty —American Telephone & Tele- 
graph Co. — has since been trans- 
formed into a collection of high- 
flying. fast-growing industrial 
companies. 

• Some of the more exiti ng and 
volatile — and therefore more risky 
-r- telecoms that have recently been 
privatized do business in the 
emerging markets of Lstfn Ameri- 
ca and Asia. Being out of govern- 
ment control allows them to be run 
hotter and provides capital to cx- 
-wnd their networks. 

^ “Prior to any sort of privatiza- 
tion, these companies have been 
state-run totally inefficiently," said 
Elizabeth Morrissey, manag in g 
partner at Kidman International 
Consultants, which follows the 
judging markets. “They haven’t 
had money to invest to upgrade the 
technology. They've been unable to 
£rve the population.” 

• Once that hindrance is removed. 
Third World telecommunications 
concerns become “a great buy, 
they’re always a great buy,** she 
$ria. “If you think about it, it only 
makes sense; Phone lines per per- 
son in emerging markets are sub- 
stantially less than in developed 
markets. As these economies grow, 
people are going to want more 
ones; the phone companies are go- 
ing to grow.” 

' But the firms’ shar e values won’t 
grow in a straight line. A regulatoty 
ruling recently sent the price of the 
Chilean phone system skidding 
more than 25 percent, and shares <rf 
Tdtfonos de Mexico have taken a 


big hit as the Mexican market re- 
treats after a sharp advance, 

Mike Jeremy of Baring Securities 

ikes a more. aimntitafiw an nmnn lt 


ip the emerging telecoms. He has a 
formula for rating emerging muHru 
telecoms that factors m the local 
economic environment and the po- 
tential for growth in a company’s 
business. The goal is to come up 
with a number thai is useful no 
matter whether an investor is look- 
ing to buy a tdecom stock or a 
proxy for a particular market 

“If you can afford to invest glob- 
ally in telecoms, you can capture 
most of the growth potential in 
markets where gross domestic 
product per-capha is advancing 
most quickly and where the need 
for telephone lines is higher,” he 
explained. 

Using his formula, the most 
highly rated stock would be Hong 
Kong Tdecom, followed by Philip- 
pine Long Distance Telephone, 
Tdecom Asia, which has a fran- 
chise to put 2 milli on lines into the 
Bangkok region, Singapore Tde- 
com and Telekom Malaysia. 

He rates the Latin American te- 
lecoms lower because of the higher 
interest rates that prevail in that 
region. But that tends to be fac- 
tored into their prices, which are 
often considerably lower, com- 
pared with their earnings, than 
Asian telecoms. For instance, Td- 
mex was recently trading at 11 
times earnings, while the figure for 
Telekom Malaysia was 39. 

Mr. Jeremy’s recommended 
companies make up a geographi- 
cally diverse lot: Tehnex, whkfrhe 
said should be unaffected in the 
long ran by the assassination 
Wednesday of the man who Ekdy 
would have been Mexico’s next 
president, Tdbbras of Brazil, (he 
two Argentine telecoms, CTC of 
Chile, Telekom Malaysia, PLDT 
and Hong Kong Tdecom. 

The companies Mir. Jeremy rates 
lowest are STET erf Italy and Tde- 
fonicadeEspafia, as the Italian and 
Spanish markets offer the worst of 


both worlds, with high interest 
rates and mature phone markets. 
He rates American tdecoms low 
for the same reasons, although not 
to the same extent, 

Michael Mahoney, who manage s 
the GT Global Telecom Fund, 
finds nothing at all to recommend 
American phone companies. 

T would avoid all regional oper- 
ators in the U J3L,” he advised. “The 
Baby Bdls are basically dogs. The 
only way you’re going to make 
money on them is if interest rates 
come down. As far as their funda- 
mental business is concerned, 
they're in a terrible situation.” Reg- 
ulations force than to stick to ihor 
own service areas, he explained, 
but other, newer operators can 
come in and pick and choose the 
services they want to offer. 

Mr. Mahoney finds European te- 
lecoms a better risk. "In Europe 
you've seen a rise in interest rates 
without a fundamental reason to 
justify it,” he said. “I don’t dunk 
it’s going to continue.” 

Mr. Mahoney keeps three- 
fourths of his fund's assets in ma- 
ture markets and the rest manag- 
ing countries. But it really doesirt 
break down that amply. “In many 
cases the particular companies 
we’re invested in in devdoped mar- 
kets were bought because they’re 
selling products and services into 
emerging markets,” he said. 

Because the faster-growing 
emerging tdecoms cany higher 
market valuations, shares in any 
developed-market tdecom that has 
a sizeable chunk of its business in 
the Third World should cany a 
higher price, by his thinking . 

Europe is lflofy to be the hottest 
region for privatizations in the 
years to come, as governments, pre- 
paring for the 1 998 liberalization of 
the industry in the European 
Union, seD off their lumbering 
FITS. 

“If yon were looking out five 
years from today, nearly every one 
of the national operators mil be 
publicly quoted,” Evan Miller, who 



Upbeat on European Utilities 


T T 


By Digby Lamer 



■nUIY companies of- 
ten provideasafe haven 
for equity investors 
_ seeking shelter from the 

gales of die stock market. The es- 
sential items utilities produce — 
water, power and tetecomnmnica- 
tjons — are less vulnerable to the 
peaks and troughs of demand af- 
fecting other sectors. 

: Often they are also monopolistic 
businesses with a tight grip on their 
domestic market and are rarefy ex- 
posed to the perils of foreign cur- 
fairies. 

' In Europe, which is stfll trying to 
■giakfl off the recession and with its 
equities markets unsure about 
which way to go, utilities are having 
a good run. Only in Britain, where 

feereoovcayistridngh61d,doutiK- 

fies appear to have peaked, at least 
for now. 

* Apart from these general advan- 
tages the prospects for European 
amities are boosted by the v ariou s 
privatization programs sweeping 
the Continent. Aspubbcfy -owned 
utifities are sold off, they expect to 
benefit from the economic ratio- 
nalization demanded by the mar- 
ket 

i Privatization may also enable 
companies to be freer from politi- 
od co n s train ts. These may have 
stopped them investing in a partic- 
ular -way or forced than to buy 
home-produced raw materials 
when cheaper foreign alternatives 
were available. 

’ According to John Boeckmann, 
European investment director with 
fund manag er M&G in London, 
European utilities are still rich with 

Ity. 


mark, is the next telephone compa- 
ny coming to the market followed 
by a secondary privatization in Ita- 
ly in about six weeks’ time. That 
wilL be followed by the Dutch in 
June and Germany sometime in the 
autumn.” 

He adds that among electricity 
companies the ones exporting ex- 
cess capacity may be the best per- 
formers. The Spanish hydroelectric 
utilities are producing a surplus erf 
cheap power which Efcktrowatt of 
Switzerland is reselling to Austria. 

Apart from benefiting major 
Spanish utilities like Iberdrola, So- 
vuleana and Hidro Cantabrico, die 
Swiss company is also showing 
healthy profits. 

But it would be a mistake to 
believe buying newly privatized 
utilities is always a wise move. 
Many of them face a baptism of 
fire when they move from the secu- 
rity of public ownership to the mar- 
ketplace. 

One bugbear is the variety of 
regulation that utilities are subject 
to. While these can sometimes help 
the performance of a utility they 
may also bold rt bade. In Germany, 
for example, the nuclear power in- 
dustry is hamstrung by rules mak- 
ing it almost impossible for nuclear 
power stations to operate. 

In 1987 one of the country’s larg- 
est power companies, R.WE, 
opened a nuclear plant in the 
Rhineland. It tan for only a year 
before bang shut by the authori- 
ties. While investors hope prospec- 
tive rule changes this summer will 
allow the plant to reopen, the cost 
to RWE has been enormous. 


Even when companies are priva- 
tized, they may continue to labor 
under rules pr e v e n ting them fully 
embracing the free market. 

German generating companies 
are forced to buy home-produced 
coal to fire power stations even 
though it costs roughly three times 
more than same equally efficient 
imported fuels. 

Isabelle Hayen, European utili- 
ties analyst with the American bro- 
ker Shearson Lehmann, says utili- 
ties have long been used as political 
pawns and governments are reluc- 
tant to let go. 

“Some regulations prevent pri- 
vatized utilities from keeping all 
the benefits they gain from cost 
restructuring plans,” she said. 
“There may also be ongoing con- 
tracts determining a high propor- 
tion of the company's earnings 
stream far years to come.” 

She says this is sometimes nseful 
for analysts where newly privatized 
c o m panies have no trade record. 

Spain is soon expected to bring 
10 percent of the huge ENDESA 
generating company to the market. 
ENDESA together with Iberdrola, 
its main competitor, account for 80 
percent of die country’s electricity 
production. 


In recent years the company has 
suffered from heavy debts, which 
now appear to be under control. A 
portion of ENDESA’s debt is in 
foreign currencies and suffered 
badly when the peseta was deval- 
ued in 1992 and 1993. Recent high 
interest rates added to the problem. 

Now, because of heavy debt re- 
structuring and lower borrowing 
costs, the company is looking 
leaner and ready to benefit fully 
from this summer’s promised de- 
regulation. 

Road construction is another 
utility investment showing 
in Italy and Spain. The 
companies Acesa and Anxnar have 
secured favorable terms from the 
gover nm ent for future highway de- 
velopment and operation. 

According to Simon Taylor, an 
analyst with London-based stock- 
broker J.P. Morgan Securities, util- 
ities are hkdy to continue attract- 
ing European investors, especially 
in Spain and Germany: “Although 
the recession may now have hit 
bottom in most European coun- 
tries, the upturn is still a long way 
off for some. Webad bit of a false 
dawn in Germany recently but I 
would say they arc about a year 
away from making a reoovoy ” 


-,««««' electricity companies 
have some way to go.” he said, 
fand, among the privatization is- 
sues, telecommunications is the 
area to watch. TdeDan, in Den- 


^ Maxi/ is the tilUC " 1 


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U.K. Utility Stocks Enter a Volatile Time 


By Rupert Bruce 


covers European tdecoms for Leh- 
man Brothers, said. Those likely to 
be sold soon include tdecoms in 
D enmar k the Netherlands, Portl- 
and Turkey, with France and 
ty to follow. 

“Where in the past you bad a 
limited selection as an investor, 
those options are doubling and re- 
doubling,” Mr. Miller said. Thai 
may not be a good thing. 

“It raises some interesting issues 
on marketability and attractiveness 
to investors.” he pointed ouL “Are 
you going to see the shifting of 
some investment doRara out of tra- 
ditional vehicles into newcomers? I 
don’t pretend to know the answer, 
but suffice it to say that with 520, 
$30, 540 UlHon in tdecom shares 
coming to the market in Europe 
alone, it’s a very real issue whether 
the market can readily absorb the 
new flow of paper.” 

But be quickly cast those doubts 
aside, saying: “The sector overall is 
one to r emain overweight in. Euro- 
pean telecoms have a long way to 
run. I'm very, very bullish.” 

Two of ins favorites were found 
nea r the b ottom erf Mr. Jeremy’s 
list, STET and Telefonica. He also 
likes Cable & Wireless, which con- 
trols Hong Kong Tdecom. 

Europe offers probably the wid- 
est range in the sector, from the 
mature operators in the north to 
those in emerging markets like Por- 
* and Turkey, which he said are 
industrial startups — dare I 
say it, like a biotech company. 
There are probably investors who 
wouldn’t touch a lehnex or a Chile 
or a Turkey.” 

Ms. Morrissey, of course, is not 
one of them. Sbe said to expect 
periods of severe volatility, of the 
sort that has sent holdere of Telmcx 
and CTC shares into palpitations, 
but “over a two, three, four-year 
period, there are lots of opportuni- 
ties for companies to do well. Over 
the long term they win all show 
substantia] gains and probably 
over several years will have outper- 
formed their respective markets.” 


I F you had invested 51,000 in 
the British equity market in 
1991 for long-term growth 
you would hardly have put it 
in a utility stock. Yet, if you had 
bought one of the 12 regional elec- 
tricity companies, or RECs. sold on 
the London Stock Exchange dial 
year, you would have found it diffi- 
cult to beaL 

Typically, you would have about 
$2,625 today, no counting dividend 
payments and the effect of ex- 
change-rate fluctuations. To name 
just a few: London Electricity has 
climbed from the 240 peace (53.60) 
at which common shares were 
floated to about 600 pence, South 
Western Electricity to about 630 
pence, and Manweb Electricity to 
about 720 pence. The sharp rise in 
share prices has been dnven by 
quickly rising dividends. Late last 
year, the RJECs reported dividend 
growth averaging about IS percent 
halfway through their fiscal years. 
They are expected to reflect the 
same growth when they report full- 
year profits in mid-summer. 

Cost-cutting, largely by way of 
trimming the numbers employed in 
the businesses, has been responsi- 
ble for much of the rise in profits 
and dividends. The RECs have also 
been helped by the recovery in Brit- 
ain's economy. In normal times, 
such a history would be rewarded 
by a high stock price. Instead these 
shares trade on a dividend yield 
about 20 percent higher than the 
London market’s average, and on a 
relatively low price-earnings ratio. 

But these are not normal times. 
The Office of Electricity Regula- 
tion is in the process of consulting 
with the RECs prior to announcing 
new price controls on their dectric- 


ity distribution businesses, and 
global interest rates are beginning 
to rise once more. The RECs are 
often valued in the same way as 
bonds, in which prices move in- 
versely to interest rates. 

“Essentially, we fed the distribu- 
tion review in the summer has got 
to be the key driver of the shares, 
combined with interest rates and 
gilt [British government bond] 
yields,” said Andrew Wheeler, an 
analyst at NalWest Markets. 

“The shares will be very unstable 
as rumor and counterramor emerge 
ahead of the review ” he added. “It 
will cansc a certain amount of vola- 
tility.” 

The review is important fra- the 
RECs because distributing dectrio- 
ity across Britain to consumers — 
whether they be individuals or 
small businesses — is their mafri 
business. It accounts for about £4 
billion of revenue a year. It is also 
important for consumers because 
distribution costs represent about 
25 percent of their electricity bills. 

The RECs have other businesses, 
like electrical goods stores, genera- 
tors, and gas-supply businesses. 
These are responsible fra a small 
proportion of their profits and divi- 
dends. 

But analysts do not think the 
review will be too tough. Hoare 
Govetf s Nigel Hawlrins believes 
that the RECs will benefit from 
safety in numbers. By this he means 
that the regulatory office will have 
enough problems anyway with 
complaints that the 12 diverse busi- 
nesses are not being treated fairly 
without imposing a tough review, 
which would generate even more 
trouble. 

“Because rates of return on capi- 
tal employed, operating costs, and 
capital expenditure programs vary 
widely it would be very difficult to 


comedown hard on all of them,” he 
says. 

Others suggest that the Office of 
Electricity Regulation does not 
have the resources necessary to de- 
sign a really aggressive regime and 
get it past opposition from the 
RECs. Mr. Hawkins believes that 
after the year 1994-95, when the 
review starts to bite, dividend 
growth will faD to an inflation-ad- 
justed 6 pe rcent un til the year 2000. 

So, if for example, the inflation 
rate were 4 percent, the dividend 
growth rate would be 10 percent 

“That is partly on the basis that 
the dividends are well over three 
tunes covered by earnings at pre- 
senL With relatively little profit 
growth you could pay out 6 percent 
fra the next few years and stifl have 
two times dividend cover.” 

Other analysts agree with this 
and forecast similar numbers. They 
regard dividend cover of two times 
as highly respectable. 

Kevin Lapwood at Smith New 
Court argues that once the review is 
behind the RECs they win be val- 
ued in the same way as Northern 
Ireland Electricity. It docs not face 
a review until 1997 and is cm a 
dividend yield of 3.2 percent, 
slightly under the marker average. 
This compares with the other 
RECS, which typically yield about 
4 percent, a fair degree more than 
the market 

“It is our argument that once 
investors can see past the review, 
they will be able to see 5 percent 
real dividend growth” — Smith 
New Court's estimate — “for the 
next five years. That should lead to 
a much lower yield." 

The one cloud on the horizon, 
analysts agree, is the possibility, of a 

Labor government beng elected in 

Britain in 1997. That might lead to 
a much tougher price cap in the 
year 2000, when the next review is 


Powering Higher 



Source: Bloomberg 


BRIEFCASE 


Fund Joins the Stampede 
Toward Latin Investments 

The mutual fund stampede into Latin 
America has reached such a speed and vol- 
ume thai the more sensitive players in the 
industry are begriming to fed embarrassed 
about it The area “is the investment flavor 
of 1994,” concedes Singer & Friedlander 
Investment Funds Ltd- the latest manager 
to launch a vehicle invested there. But, ar- 
gues the firm’s chief executive, Tony Frahcr, 
the new fund “is different” 

“We have a team of fund managers,” he 
said, “mostly Spanish or Latin American in 
origin, and all fluent in local dialects. They 
are therefore better qualified than most to 
gain access to, and value from, growth op- 
portunities emerging.” 

The Aztec hind is registered in Dublin and 
has a nrimmum investment level of 5 1,500. It 
will also accept checks in pounds, Spanish 
pesetas and Deutsche marks, and can send 


investors reports in any of these currencies. 
Charges are an initial 4.5 percent and then 
1 ^percent annually. 

Toe first 15,000 investors get a free video 
so that they can see for themselves the com- 
panies and the countries (principally: Mexi- 
co 25 percent, Argentina 25 percent, Brazil 
20 percent, Oifle IS percent) to which the 
fund is commiting their cash. 

For more information, call Singer & 
Friedlander in London at (44 71) 867 8777. 

Investment Opportunities 
In Chilean Privatizations 

A new privatization fund Investing in 
Chilean sto<±s is in the pipeline. The fund is 
bdng sponsored by Chase Manhattan Bank, 
Banco Credito del Peru, Midland Bank and 
Samuel Montagu & Co., and will seek to 
raise 5250 milli on International Finance 
Corp., an arm of the World bank, may also 
be involved in the launch, which is expected 
next month. 


A New Derivatives Fund 
Seeks Return of 8% a Year 

A new fund targeted at investors seeking 
to enhance income is bring unveiled by Er- 
nritage Manag ement (LUC) Ltd. The fund 
will use derivative instruments (such as op- 
tions, warrants and futures) to attempt to 
produce a yearfy return of 8 percent, calcu- 
lated in Deutsche marks. 

Minimum investment is 20,000 DM 
(about $12,000), and charges run at 5 percent 
Initially (with a discount for large investors), 
2 percent annually, and 20 percent of gains 
in net asset value. The initial charge will be 
waived fra all investments received before 
May 31. The fund is based in Bermuda and 
will seek a listing on the Dublin exchange. 

For more information, call Ermitage in 
London at (44 71) 333 0900, or fax at (44 71) 
333 0443. 



These staggering figures illustrate the surge in confidence 
that’s powering Latin America’s economic renaissance. 
Falling inflation and a new spirit of political maturity suggest 
the best outlook in living memory. Harness this spectacular 
growth potential with the new Aztec Fund - managed by our 
Spanish speaking Latin American specialists. 


Fixed price offer closes April 29th 1994 - Freecall 0500 626226 


TO: Sin&Br & FHed hn d w Investment Funds Ltd., FREEPOST KES5S9, London EC2B 
Please send me full details off the Singer & Friedlander Aztec Fund Including; the 
Economist Latin America Survey, I d o/do not* wish the VMS video to be included* 
("please de l et e as applicable). Please print clearly. 

Name 


KT3&3.S4 


Address. 


Postcode. 


Singer & Friedlander 
Investment Funds 



■f Offer subject to availability “Source: Mlcropal, 1/1/90 to 1/3/94, Sterling performance. The value of Sharea 
and the income from them may fall as well as rise and Investors may not get back the amount originally 
invested. Past performance. is not necessarily a guide to the future. Changes In exchange rates may also affect 
the value. 

Iiiiwd Sy Stager A W a Se idl i w Im uiliimii Fund* Ltd. 21 New Street* London EC2M 4HR. Member «f IMRO, 


! 


£ 


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Page 18 


EVTERJNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 26-27, 1994 


SPORTS 



Germans Tied 
With Austrians 
In Davis Cup 


Coapikdbf Our Suzff From Dupacka 

Michael Stick the hero of the 
1993 Davis Cup, picked up where 
he left off Friday, winning the 
opening match as defending cham- 
pion Germany and Austria split the 
first-day singles. 

In India, Jim Conner marked a 
victorious return to the competi- 
tion as the United States, champi- 
on two years ago, swept to a 2-0 
lead. 

Stich, who compiled a 7-1 Da>ds 
Cup record last year to lead Ger- 
many’s march to the title, shook off 
an erratic first set and rebounded 
to beat Horn Skoff, 4-6, 6-3, 6-2, 6- 
2, in the first-round contest in 
Graz, Austria. 

In the second match on the in- 
door clay court. No. 1 1 Thomas 
Muster trounced 28tb-ranked 
Marc- Kevin Godlner, 6-3, 6-3, 6-3, 
to even the score going into Satur- 


day’s doubles. 
Stich’s powe 


Stich’ s power game let him down 
badly early in the match, but bis 
opponent tired and the world No. 2 
came back to finish with 19 aces, 
including one on match point. 

“In the first set my serve didn’t 
work, but after that I played really 
weU,” said Stich. who took over the 
mantle of Germany’s team leader 
when Boris Becker decided not to 


play Davis Cup last year. 
Stich also had complain 


Stich also had complaints about 
the boisterous fans. 


“The public wasn't fair," Stich 
said. “They didn’t support their 
own man, but rather did everything 
they could to ruin my play." 

Muster and Alex Antonitsch of 
Austria face Stich and Patrick 
Kuehnen in Saturday’s doubles. 

Courier, one of several big-name 
American players to at out last 


year’s tournament when die United 
States was eliminated by Australia 
in the first round, cruised to a 6-1, 
6-1, 6-2 victory over Tretshan Ali on 
the grass in New Delhi. 

Courier, ranked No. 5 in the 
world, said it was bis easiest Davis 
Cup triumph so far. His only prob- 
lem was keeping his concentration 
mice he took a commanding lead. 

“When you get so far ahead, it’s 
easy to have a letdown.” he said 
“Having the crowd still making 
noise the whole time really kepi me 
in it" 

In the second match, Leander 
Paes, who led India to the semifi- 
nals last year, lifted the crowd as he 
mixed deft volleys and booming 
passes with energetic play. But 
Todd Martin's big serve and dou- 
ble-fisted backhand were too 


much, and the American won 6-3, 
4-6, 6-1, 7-6 (7-1) in his Davis Cup 
debut 

The U.S. squad can secure its 
place in the second round when 
Patrick McEnroe and Richey Ren- 
eberg meet Paes and Gaurav Nate- 
kar in the doubles. 

Russia t, Australia 1: In a battle 
of rising young stars, Russia's Yev- 
geni Kafelnikov defeated Pat 
Rafter, 6-3, 60, 6-4. in the opening 
match on carpet in Sl Petersburg. 
Jamie Morgan evened the contest 
with a 4-6, 7-6 (7-3), 7-6 (7-2), 6-1 
victory over Alexander Volkov. 

Grccfa Republic l, brad 1: In 
blustery conditions on the hard 
court in Ramat Hasharon, Israel, 
world No. 13 Petr Korda registered 
the Czech Republic's first Davis 
Cup victory with a 6-1. 6-3, 6-4 
triumph over Gilad Bloom. Amos 
Mansdorf gained a split of the first- 
day singles with a 7-6 (7-4), 6-2, 7-5 
victory Karel Novacek. 

After the breakup of Czechoslo- 
vakia, the Czech Republic and Slo- 
vakia continued to play as one 
team in 1993. The two nations be- 
gan competing separately this year. 

Spain i Italy 1: On clay in Ma- 
drid, Sergi Braguera, the French 
Open champion, beat Andrea Gau- 
denzi of Italy, 6-3, 7-5, 6-1. Stefano 
Pescosolido. ranked No. 59, came 
from two sets down to upset No. 23 
Carlos Costa, 4-6, 4-6. 6-1. 64, 6-2, 
in the second match. 

France 1, Hungary 1: On the 
hard court in Besancon, France, 
Ainaud Boetsch needed less than 
two hours to post an easy 6-3, 6-2, 
6-2 victory over Sandor Noszaly. 
Jozsef Kroschko then upset Henri 
Leconte, 6-4, 7-6 (74), 6-3, to even 
the score. Leconte, playing for the 
injured Ctdric Holme, was the 
leader when France upset the Unit- 
ed States in 1991 to win the Cup. 

As a result of the loss, Leconte 
may be pulled out of the doubles on 
Saturday in favor of Olivier De- 
laitre to team with Boetsch. 

About 500 French youths pro- 
testing a wage-cutting law delayed 
the start of the first match for 
about 45 minutes when they 
blocked entry to the arena. 

Sweden 1, Denmark 0; On the 
fast carpet surface in Lund. Swe- 
den, Stefan Edberg beat Frederik 
Fctteriein, 6-2, 64, 6-2, boosting 



Kenya’s Cross-Country Attack 

In Budapest, Runners Aim to Take World Titles Again ;■ 


is"' 




Jim Courier crushed Zeestem AH, 6-L, 6-1, 6-2, leafing the US. past Iwfia on Friday in New Defin. 


By Ian Thomsen 

International Herald Tribune 

BUDAPEST —The race trade was bupt for horses, 
but the Germans converted it into an airport during 
World War IL Now the Kenyans, in their tank tops 
and shorts, will try to make it theirs. 

Kincsem Park is host to the World Cross Country 
Championships. The Kenyans will file in Saturday, 
past the mounted statue erf Kincsem, who was Hunga- 
ry’s greatest horse more than a century ago, and in 
groups they will race past structures that resemble 
bride chimneys, now painted a meek white. These are 
the machine-gun nests built by the Germans. 

The coarse has been remodeled with a short but 
steep hill of grass and two similar wooden ramps, phis 
two rows of hay bales and a thick, fallen tree trunk for 
the runners to "traverse. The machine guns have been 
replaced by televirion cameras mounted on their own 
nests of wood and aimed at the contestants. 

In this form the course presents none of the dangers 
from its previous lives — although it might fed unkind 
to anyone trying to ran with the Kenyans. 

The Kenyans have won 25 of the 40 gold medals in 
this competition over the last five years, culminating 
in the most one-sided victory ever when they won* 
seven of the eight titles last year in Amorebieta, Spain. 
Since 1986. their men have been beaten only by the 
Moroccan Khahd Skah, who overcame their team 
tactics in 1990 and 1991. 

The Kenyans were especially wary of Skah after 
accusing hun erf winning the 1992 Olympic 10,000 
meters because a Moroccan teammate bad apparently 
interfered with Richard Chelimo of Kenya. Last year, 
Kenyans banded to win the first five traces, with Skah 
forced back to sixth. This year Skah ‘is little threat, 
suffering as be is from bronchitis. 

The Kenyan team has been tr aining all month in the 
altitude of Embu. at the foot of Mount Kenya. These 
championships are among the toughest to handicap, 
and the Kenyans have made it harder by refusing to 
enter the world 5,000 meters champion and current 
world cross leader, Ismad Kirui — his punishment for 
returning late from the indoor season in Europe. John 
Ngugi. winner of this championship a record five 
times, remains under suspension for refusing to take a 
random drug test. 

Yet last year’s top two. William Si gri and Damimc 


Kind, are back And on Friday, a coach was bating the 
name of William Kiptum, 22. as the next Kenyan >. 
break through in the 12 -kilo mete r senior race. * 

The Et hi opians were the first African men to con- 
quer these championships, winning five senior and 
junior team titles in the early 1980s. Despite the 
absence of one of their best, Fita Baycsa. their coach 
was predic ti n g the end of Kenyan domina t i on. 

"The Kenyan success is a matter of chance and a 








waauiAuvuug uiv w*i%- « — — j - 

"The Kenyan success is a matter of chance and a 
matter of training," said the coach, Hzazu Wobeshet 
~I think it’s a mat ter of dianCfc" • _ 

Proclaiming a new era in Ethiopia, with more aid to 
the local dubs creating a larger flodc of runners for the 


The course presents no 
dangers from its previous lives, . 
but it might feel unkind to 
those r unning with the Kenyans. 


national team, he gave his team an 85 percent cha nce 
of overtaking Kenya. 

The Africans have failed to provide smrilur support 
to their women, although Kenya has won three 
straight senior and four of the last five junior team 
titles. But some of the best opponents are missing, 
including Derartu Tulu of Ethiopia; the Olympic 
10,000 meters champion, and the American Lyrm 
Jennings, who won three straight tides before finishing 
third behind Albertina Dias of Portu gal 

“Two weeks ago she was planning on coming to the 
extent that she was making her travel plans, and then a 
week later she wasn’t," said the U.S. women’s coach, 
Jerry Quiller. 

China has sent five senior women, but the best are 
training with the celebrated coach Ma Jhmea for the : 
London Marathon next month. 

“Ma has the international group," said the coach LJ0 
Pei LL “Those here are the best cm the national lewd, - 
and so they arejust below the standard of Ma’s team.’’ : 

The Chinese entry includes Li Dong, the world 
1,500 metos champion, but her coach was not predict- 
ing results similar to those at Stuttgart last summer. 
He said the 6-kilometer distance was “a tittle bh too 
long” for her. 


SCOREBOARD 


NBA Standings 


EASTERN CONFERENCE 
AJtattffC DMsiOfl 


the Swede’s Davis Cup singles re- 
cord to 25-11 since his debut in 
1984. Magnus Gustafsson was to 
face the Danish No. 1, Kenneth 
Carlsen, in the second singles later 
Friday. (AP, Reuters ) 


Baseball Backs Playoff Wild Cards 


New York Times Service 

NEW YORK —Major league baseball is adding a wild-card team 



W L 

Pet 

GB 

x-New York 

47 19 

.712 

_ 

Ortondo 

40 27 

597 

7VS 

Miami 

37 2D 

552 

10W 

New Jersey 

34 31 

JS3 

12W 

Boston 

23 42 

3S4 

23W 

PMtadolphto 

21 46 

313 

26W 

Washington 

19 48 

234 

2BW 


Cwitral Dlvtotoa 



x-Attenta 

47 19 

712 

_ 

Chicago 

44 23 

A57 

3W 

Cleveland 

37 30 

J52 

10W 

ludkino 

35 30 

538 

1IW 

Chartotta 

29 26 

646 

17W 

Detroit 

19 47 

388 

28 

Milwaukee 

• 13 48 

273 

29 

WESTERN CONFERENCE 



Mkhwest Dhdsien 




W L 

Pcf 

OB 

x- Houston 

47 13 

723 

— 

x-San Antonio 

47 20 

701 

1 

Utah 

43 25 

532 

5W 

Denver 

34 32 

515 

I3W 

Minnesota 

19 41 

384 

29 

Dellas 

■ 51 

.121 

39W 


Pacific Division 



x-Seattta 

49 17 

742 



Phoenix 

43 23 

552 

4 

Portland 

40 27 

597 

9W 

Golden State 

39 27 

591 

10 

LX Lakers 

23 31 

524 

21 

LX a topers 

24 41 

569 

24W 

Sacramento 

23 44 

543 

28W 


(Kina Laeftner SI. Assfsta-ttow York 30 
(Harper 8). Minnesota 32 CAtWTntams 7). 
LA. Lakan 23 27 21 39-187 

Houston M 23 27 37 — 713 

la: Campbell 9-16 7-9 IS, Treatt 8-20 2-2 Mi 
H: Otolirann 13-22 M-1337. ICSmtth 7-14 4-4 20. 
Rebomds— Los Angeles 43 (Lynch. Dlvoc 9), 
Houston S3 (Thorpe 14) . A»Ws— Los Angeles 
23 (Dlvoc 71. Houston 30 tUrnim 10). 
MW m l )9 33 20 21—101 

Denver 32 23 is 2S— 113 

M: Rice 0-15 1-2 13. Miner 7-11 0-0 IS; D: 
Mufombo 4-8 613 20. Abdul-Rouf 11-20 3-2 25. 
Retain Os— Miami 51 (Long 9), Denver 43 
(Mutombo 16). Asslits— Miami 17 (Burton 4), 
Denver 21 (Part 9). 

Pboeta 32 23 25 26-136 

Seattle 27 41 23 M-116 

P: BarUev 0-15 6-3 25. Ainge 64 2-2 16; S: 
Schrempf 13-16 1-4 27. Payton 9-19 3-5 21. Re- 
bounds— Phoenix 45 ( Bark lev 10), Seattle 40 
(Kemp 13). Assists— Phoenix 29 (KJotnwon 
11), Seattle 33 (Gill 10). 

MJIwaekee 26 31 3V 23-111 

OeMM state 36 S3 19 50-114 

M: Norman 11-21 WO 29. Murdock 6-16 6-7 
20; G: Mullbi 9-16 7-B 25. Webber 9-17 H 21, 
Screwed B-I7 74251 Rebounds— Milwaukee 54 
(Norman 12). OaMen State 4 (Webber 12). 
AitW i Milwaukee 33 (Edwards. Barry 7), 
Golden State 29 (Sprewetl I). 

San Antonio 36 W 27 25—107 

Sa crame nto 34 28 26 ai— 91 

SA: Robinson 14-21 IQ-14 38. Ellis 5-16 64 81 
S: Simmons 7-1265 19. Richmond 6-13 10-11 34. 
Re bound* — S on Antonio 59 (Rodman Mj.Soc- 
remanto 47 (Tisdale 7). Asslste-Son Antonio 
29 (Dai Negro, Anderson 7), S ac ramento 13 
(Webb 6). 


Northeast Division 


Pittsburgh 

39 

23 

13 

91 

272 

254 

Montreal 

38 

23 

13 

89 

257 

212 

Boston 

37 

25 

12 

86 

254 

219 

Buffalo 

37 

28 

9 

S3 

246 

196 

Quebec 

30 

36 

7 

67 

240 

247 

Hartford 

24 

42 

8 

56 

197 

24 

Ottawa 

12 

55 

1 

32 

176 

354 


WESTERN CONFERENCE 
central Division 



w 

L 

T Pta GF GA 

x-Tonmfo 

39 

24 

12 

90 

243 

212 

■-Detroit 

42 

24 

5 

09 312 

245 

x-Dollaa 

38 

25 

ID 

86 

24 

2Z 

SL Louis 

IS 

29 

9 

79 

231 

247 

Chicago 

35 

31 

9 

79 

ZS 

211 

Winnipeg 

22 

44 

S 

52 

221 

291 


Pacific Division 




x-C alaary 

34 

27 

12 

■4 

249 

235 

Vancouver 

34 

34 

3 

75 

250 230 

Son Jose 

24 

33 

15 

67 

208 

234 

Atawlm 

27 

42 

5 

59 

204 

230 

Los Anseies 

24 

38 

11 

59 

241 

284 

Earner tan 

2D 

42 

12 

S2 231274 


from each league to its post-season playoffs next October, but the 
wild-card teams will not have so-called home-field advantage in the 


wild-card teams will not have so-called home-field advantage in the 
division and league rounds of the playoffs. 

In their agreement released Thursday, the dubs and players did 
not address the World Series, meaning a wild-card team could wind 
up with home-field advantage —the extra game if the Seriesgoes the 
full seven games. The agreement is for this season only. With the 
leagues realigned into three divisions, each playoff wifi consist of 
three division champions and a wild-card team. 


x-cflnched playoff mat 
THURSDAY'S RESULTS 
Bwtoa 39 M 21 M 16-113 

WMMOttM 27 29 31 23 10-117 

B: Radio M 4-6 2fc Brown IMS 5-6 31; W; 
Guallafto 10-20 3-3 24, MoCLton 9-13 H 20. 
Chapman 6-19 9-11 22. E o b o m ids-B ai ton 45 
(Pinckney io>, Washington 56 (Muraon 13), 
AlsMb-Boshn 24 (Douglas I), Washington 
23 (Prteo 0). 

NOW Tort 39 29 II 36-121 

MWMWfa S 24 34 23—146 

NY: Hotpot B-UQQlftKDovfc 12-1764 32; M: 
K(nS 3-14 56 21, Rider 7-18 2-2 22. Rebounds— 
New Yorit 42 (Bonner, Ocklgv 7). Minnesota 35 


HOCKEY 


NHL Standing* 


x-New Jersey 
Washington 
Florida 
PMIadoiphlo 
N.Y. I ■landan 
Tampa Bay 


■ASTERN CONFERENCE 
AHoatfc Division 

W L T PtS OF OA 
Ronsen 45 23 7 97 365 207 


22 7 97 265 207 

21 II 95 270 196 

31 S 76 235 224 

30 13 79 207 205 

34 7 72 266 273 

33 9 71 250 235 


10 80 199 231 


x-dtncnM playoff spot 

THURSDAY'S RESULTS 
Tampa Bay 0 0 1—1 

New Jersey 1 o j— ; 

Ptrsf Ported: N-L-Holik 9 (Ml lion, Nleder- 
mayar). TMrd Ported: N j^Stgvora 17 (Mc- 
Kay, Ntedotmayir); T-Joseoh 10 (KDma. 
Chambm) (pp). snots on goal: T (on Bre- 
dvurl 5-5-10— 2X Nj. (on Young) 6-5-12—26. 
Ottawa 0 10—1 

Pittsburgh I 3 1-5 

Flraf Parted: P-Lamlaux II (Sandstrom,. 
Second Parted: DMo'tatta 7 (Turgaon. Dol- 
ote); P-Pranehi#|pp); p-McEachern 15 (U. 
S on w olsoon. Sand M roni); p-sondstrom 21 (K. 
Samutfsson. U. Samueisson). Third Ported : P- 
McEacfMrn M. Shaft on goal: O (on Barrassol 
7+9-14. P (on Bllllngtan) 13-14-14— 4ft 
San Jose 0 1 1—2 

Toreoto 1 0 0-1 

First Ported : T-Andravawk 50 (GRmcur, Lt- 
fobvro). Second Parted: SX-ftortonov 13 (Nor- 
lon. ButsayevJ (pp). Third Parted: Sj.-Eim 19 
(Ordkiih. Duchero). Stas on goal: SJ. (on 
Rhoitesj 9-7-6-22. T (an Irto) 0-10-11-29. 
Aoabolm 1 1 1-4 

Boston 0 5 0-5 

First Ported: A-Lobeau 12 (Hill). Second 
Ported: B-wosley 10 (Murray, Ootas); a- 
Yafca 11 (Gantaort, Volk); B-Oaneta 2\ 
(Oates); B-Murray 14 (Donate, Oates); B- 
Knteschoor l (Hughes, Hrtnrs); B-Marols 4 
(Oaivs. Wester) (pp). Third Ported: a-hiii 7 


(VaOO |shl. Shots on goal: A (on Ccaw) 5-4- 
9 — 13. B (00 Hebert) 0-16-17—41. 

Florida 0 1 3—3 

Philadelphia 3 2 0-4 

First Period: P-Beranek 27 (Dlnowu Tip- 
pett); P-Utidros 42 (RadnA RecdiM. Socoad 
Period: P-Renberg33 (Undros); P-BrimTA- 
mour2l(Llndroa, Racine) (pp); F-Sknidtand 

14 (Hough) (pp). Third Ported: F-FItzgeraM 

15 (Smith); F- Lomakin 17. Stas 00 goal: F 
(on SoderstFctn) 60-5—22. P (on Vdnbtaa- 
brauck) 5-11-5-21. 

Mootreot 1 2 2 0-5 

Chtedoo 2 3 0 0-5 

First Period: C-YsebaerT 10 (Ruuttu. Cun- 
novwortb); M-LeCiote IB (Keomv Brtaobals) 
(pp); C-Krivokrasov 1 (Shant;). Second Peri- 
od: C-B. Sutter 0 (Ysebaort, Cunneywarlti); 
C-Roenlck 42 (Amonta. Murphy) (pp); M- 
Domphousse 35 (Schneider. Rov) (pp); C- 
Ysebperrll (Suter,awnM);M43omphousH 
M (LoClair. Deslardlns). TMrd Ported: M- 
Multer 21 (Odeieln, Brunet); M- Be I lows 39 
tCamPhousse). Shots on oool.'M ton HockotT) 
9-13-12-5-30. C (on Roy) 15-19^0-42 




PRE-SEASON EXHIBITION GAMES 
Thorsdayte Roselts 
Los Anodes H Florida 9 
Kansas City 6, Cincinnati 3 
PniteddPMa t. Boston 5 
Detroit 1ft Pittsburgh 1ft 10 Irmbm. tie 
Atlanta ft New York Yankees 7, 10 Intern 
Baltimore 1, Toronto 0 
New York Mete (ss) 1ft Momreal isa) 3 
San Diego ft Colorado 3 
Milwaukee 19, Chicago Cubs 8 
San Francisco ft caHtornto 5 
Oakland 9. Seattle 1 
To* as 1ft Minnesota 2 
Cleveland 9, Houston 4 
Manfred ts*> i. New York Mots (os) 4 


tin, U-SudeLLoander Poos, India. 6ft 4-4, 6-1, 
7-6 (M). 

Sweden 1, Danmark •: Stefan Edboiu Swe- 
den, del Frederik FattorielA Denmark, 6-26- 
4,6-2. 

NetarteMfs 1, BoMum •: Pad Haartwls 
bet. FIUp Dewulf 6-3, 6-7, 3-4, 6-4, 64. 

Czech RepubBc h Israel i: Petr Korda. 
Czech Republic def. Giiod Bloom, lsrao(,6-1, 
6-3. 64; Amos Mmdort IsratL deL Karol 
Novacek, Czech Republic 7-6. 6ft 7-5. 

Prance ft Hungary 1: Arnaud Boetsch. 
France, def. Sandor Naszaly. Hungary, 6-3, 6ft 
63; JoaefKnathkb, Hungary, def. Henri Le- 
conic France 64 7-6 (7-6), 6ft 
Russia ft AestraBa l: Yevgeny Kafelnikov, 
Russia, def. Pn» Ratter, Australia 6ft 60,64; 
Jam ft Morgan. Australia def. Alexander Vol- 
kov, Russia 64, 76 (7-3), 7-6 (7ft). 61. 

Oannany I, Apstrte T: Michael Sffdb Gor- 
many,def. Haret Skoff. Austrla6ft6ft6ft62i 
Thomas Master. Austria def. Mara-Kovln 
Gaellner, Germany, 6ft 6ft oft 
Saute ft IMV 1: Serai BrugwraSgaladif. 
Andrea GaudonzL Italy, 61 7S> 61; BtofOno 
Pescosdkte. Italy, def. Cartes Carta spate, 6 
i. 6ft 6ft 6-L 61 

AS1A-OCEANIA ZONE 
Group l, PMt Round 
lipte n ortc ft Hang Kara I: Bonny wilaya 
Indonesia def. Michael Walker, Hong Kona6 
ft 6ft 64; -SuwandL Indonesia dot. Colin 
Grant, Hong Kona 7ft, 6ft 62 
Japan ft PbfBpphws S: Shuzo Mrtsuoka 
Japan def. Robort Angola FhlllPPlitoft 6ft6 
ft 63; Yosufuml Yamemeta Japan, do f. Jo- 
seph Llzarda PWlIpptees, 62. 6ft 6ft 
Group 2 Second Round 
Taiwan ft Potdstae 1: Omer RartM, Pak6 
Man def. Lion YuJniL Taiwan 7-6 (7ft). >6, 7- 
5, 36. 7ft; Own ChRHuna Totem def. Mu- 
hommod Kbolla PoWstm 6ft 63. 66, 6ft 


1, 60; Nuno Morquoft Portugal, deL Mark 
Petchov, Britain 61. 7-6 (7-21, 6ft 
Zh n pe ta a ft Sarttearteed 1: More Rofort. ■ 
&wttzsr)ana def. wom Blade. Zimbabwe. 6 
3,64.61; Byron fHock.Zl mb obw3 . dof.JteBb - 
Hlosek, Swftzortona 7 ft. 7-4 (7-0), 64. • C 


BASKETBALL 

. Notional Bartcrttmll Assodotton . 

SACRAMENTO— Signed Andre Saannr. 
forward, far remtender of season. 

WASHINGTON— Cite med Marty Can)on,for- 
wo r dcontar, off wotars from Onrfottn Pot 
Parvis Ellteon forward, on Iniured Brt. Adteat- 
«f Cafljort Chooney. guard, from Murad Qst 


ARIZO NA Agre ed tetennaw ftfi Eric Hlft — 
IhwbacMr, an Invar contract. . 

INDIANAPOLIS— Tradad JeH Gooreft 
quarterback, to Atlanta for AtkmtaY 1st- 
rounddroft choice In 1994; a JW-round chblco 
Id ifMflnd a I16 or M-raund choice In 199ft _ 

NEWORLEANS— Signed Joe Garten, (so- r.‘ 
tor; wnite Wtntons end Baron Rodins.*- " 
guards; and Daryl Mllbum dotonrtvo and. f~ 
SAN DIEGO— Dtdlnad to match the Dm- ,T -~ 
vorBrama 1 offer short tor Anthony Milter, C. ^ . 
wide recafwr. Stoned Vance Johnson wide - 
reertvor. and Davte Grtow. Ikw b ocker, to » ■ 

war cu tdrn cta . Stoned Chris Thomas, wkfc — r - 
recefvor, and Soon Smnter, puntor. Acquired J-;- 
Tony Martin wldo redovor, from Mteml tor 
4ttH«und draff pick In 199ft - 


CRICKET 


Davis Cup 


Stogopora ft M otayate 1: Own Chao Yon, 
Stnaenoradof. Wiban KhanMaktysia.6ft6l, 
6ft 64; Adam Malik. MatayaJadof. Shoonan 
Urn, Singapore, fri. 6ft 62 
srt Lanka ft Saudi Arabia 3: jaygndra Wl- 
loyiMkora, Sri Lanka, dot. Ahmed ZuMtoar, 
Saudi Arabia 7-1, 7-&60; Rohan Do Silva Sri 
Lanka dof.Othmon AkAnzi, Sautfl Arabla61, 
6ft 4ft retired. 


WORLD GROUP EURO-AFRICAN ZONR 

First Round Group ft Ffrrt Roued 

United States 2, India 3: Jim Courfor.uJL, Porfuete ft Britton 5: Emanurt Coute, Pur- 
def. Zeeshon Ail, India 61,61, 62 1 Todd Mar- tugakdof. Joretny Bates. Brttnln.6ft5-7,4-A6 


ONE-DAY INTERNATIONAL 
IMtova. Nnr Zealand 
Friday to Nantar, Now Zealand - 
Now Zealand: 3404 
India: 212-9 

Now Zealand wins by 91 runs 
THIRD TEST 
WW India w. EMtaml 
Friday, n PnrtoMgata, Trinldra- 
Scon ot tsos 

WON Indies find Innings: 133-1 
FINAL TEST 
AbNrajto vs. Saute Africa 
Fim dor, Friday in Durban, South Airies 
Austral lo lit inntm: 341-6 (90 overs) 


DENNIS THE MENACE 


PEANUTS 


Calvin and hobbes 


C&flRS REWLS MSiT ENOUGH, 






























SPORTS 


Pace 19 


r . ■ 7 ni-j, 

S- .. ■ 


Russians 

Crowned 

rice Dance 


Purdue, Duke, Missouri and Arizona Gain Regional Se: 



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ions 


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From Dispatches 

— The Olympic 
_ la Gritscfauk and 

Yevg eni fl alov survived a rare fall 
and three minor rule infracti ons to 
win the world ice daadng title at the 
world championships on Friday. 

In the women's figure dealing 
competition, Yuka Sato gavea 
huge boost to Japanese hopes of a 
world title by winning the technical 
program on Friday. 

Hatov fell 25 seconds into their 
frantic rode and roD number but 


v, 






**' =<-= trsirs AiiKca 
-< • ; ■ ■ -1 i f. k-r-b; 
' ■■ r as r 

; ■ - s*r'‘sT 


. the Russians bopped their way to 
gold just as they did in Norway last 
. -month. 

: Sophie Monioue and Pascal La- 

* ivanchy of France could not take 
.-a dvanta ge of the slight penalties 

* sustained by the champions and 
•had to settle for second place, three 

T hri s h - But they were voted fiSrstby 
■two of the tune judges. 

* Susanna Rahkamo and Petri 
.Kokko of Finland won the bronze 
with their program based on the 
Feffini f2m “La Strada.” 

*«■ Gritsdmi and Platov, criticized 
^ at the Winter Olympics last month 
y for two major separations during 
'their routine there, had three on 
Friday. 

’ - They were timed unofficially at 
eight, seven and nine seconds with 
."five seconds the maximimi aflowa- 

* ilk- 

The Bulgarian judge hit them 
hard with a seme of 55 for tech- 
" -mque and was one of the two to 
prefer the French couple. 

The other judge who put the 
. ■•French first was from Slo vakia. 

The remaining seven judges pe- 
nalized Gritschnk and Platov 
J'sKghtly but gave them high marks 
for artistry to ensure that they took 
'.jhegold. 

»“ ! Earlier, Sato, 21, gave a masterly 



ftext Mmpky/Thc Aaoducd Pn 

Jim McBvaine ottfreadbed Qierokee Parts, but Marquette fdl to Duke in the Soatheast RegtaraL 


Compiled by Ov Staff Fmm Dispatdie 

Hie Big Dog ate up Kansas. 
Now Glenn Robinson will try to 
take a bite out of Duke. 

Robinson, the nation's leading 
sewer, had 44 points Thursday 
night to lead Purdue to a 83-78 
victory over Kansas at the National 
Collegiate Athletic Association 
Southeast Regional in Knoxville, 
Tennessee. 

The top-seeded Boilermakers 
(29-4) advanced to Saturday's re- 
ekmal final against second-seeded 
Duke (26-5), which downed Mar- 
quette 59-49. 

"We know Duke is a great team 
with a great coat* and a great play- 
er,” said Purdue's Cuomo Martin, 
who scored 29 points against Kan- 
sas. "We’re gomg to celebrate this 
one tonight, and when we wake up 
wen start to focus on Duke and get 
bade to bong all business.” 

Robinson and Martin were a tre- 
mendous tandem against the 
fourth-seeded Jayhawks. Robinson 
equaled his season average in the 
first half with 30 points, mile Mar- 
tin made eight of 13 shots from 3- 
pcant range in the gmrw. 

"Great players step forward in 
big games and they both did,” said 
the Purdue coach. Gene Keady. 
"They feed off each other.” 

Robinson, who played 38 min- 
utes, said: “There was a time may- 
be I should have come out of the 
game, but I didn’t They needed all 
of us down the stretch.” 

Saturday's West Regional final 
in Los Angeles wfll match top-seed- 
ed Missouri (28-3) against second- 
seeded Arizona (28-5). 

Missouri blew an 11-point lead 
in the last five minutes of regula- 
tion, but regrouped in overtime to 
beat fourth-seeded Syracuse, 98-88. 
Melvin Booker scored seven of his 
24 points in the extra period for the 
Tigers. KhaBd Reeves scored 29 
points, including five 3-pointers, as 
Arizona defeated third-seeded 
Louisville, 82-70. 

Robinson, averaging 36 points In 
the tournament, went scoreless for 
1096 rcirnniM in the second half 
against Kansas (27-8). But Martin 


picked up the slack, wiring Pur- 
due’s next 12 points. 

“Cuonzo was really the key for 
them because we expected Glenn to 
get his points,” said Kansas' Rich- 
ard Scott, who scored 15 points. 

The Boilermakers haven't been 
this far in the NCAA tournament 
since their last Final Four appear- 
ance in 1980. Their next opponent, 
Duke, is seeking its seventh trip to 
the Final Four in nine years. 

Duke 59, Marquette 4ft AD- 

A men ran Giant Hill scored 16 of 

his 22 points in the second half to 
lead the Blue Devils over Mar- 
quette. IRQ also finished with six 
assists and nine rebounds. 

“HSU obviously made very 
big plays at the end,” said the Mar- 
quette roach, Kevin CfNeilL “He 
really kind of dominated the sec- 
ond half on the lob, the drib ble, the 
post-up, the rebound.” 


Duke trailed 26-25 at halftime, 
but HiO started the second half 
with a 3-pointer that put the Blue 

Devils ahead for good. 

E Marquette (24-9) had a chance to 
oil within two with two minutes 
ft, but Cherokee Paries Nocked 
Damon Key’s shot and HD! went in 
far a layup that gave Duke the 
cushion it needed. 

Marquette, playing in its fust re- 
gional semifinal since 1979, shot 
only 31 percent from the field. 

“We didn’t shoot well, but Duke 
was responsible,” O’Neill said. 
WEST 

Missouri 98, Syracuse 88 : Mis- 
souri, which was tmranked at the 
start of the season, moved within 
me victory of its first Final Four 
by coming back to beat the Orange- 
men. The Tigers made all six of 
their Geld goal attempts in over- 


Jones 9 s 62 -Point Blitz 
Advances Kansas State 

The Associated Pro* 

After he scored only eight points in the last two games of the season 
combined, no one expected Askia Jones to bum up the record books in 
postseason play. 

But Jones surprised himself, his Kansas State teammates and the 
Fresno State Bulldogs on Thursday night with a 62-point performance in 
the Wildcats' 115-77 victory in Manhattan, Kansas. That was the most 

NTT ROUNDUP 

pomts in a game in the country tins season, and tied an NCAA record 
—all in only 28 minutes. 


its in the second half. He 
them came in less than five 


with 14 3-pointers 

The semor from San Antonio scored 45 
hit 14 of 18 from 3-point range. Seven 
minutes, six of them consecutively. 

“It’s a great feeling to break the record, but more importantly, we are 
going to New York,” Jones said. 

Kansas Stale (20-12) won a berth in Monday’s semifinals of the 
National Insolation Tournament at Madison Square Garden, where the 
Wildcats win face VanderirilL 

The Wildcats scored 70 points in the second half, breaking a school 
record for a half. Kansas State led 45-26 at the half, but after Jones got 
hot, the Wildcats led 78-48 with 12:35 to play. 

Sena 75, Bradey 62: In Glens Falls, New York, Siena (24-7) used 
Doremus Bcnnennan’s third consecutive 30-pomt-plus performance to 
flfjffpt Bradley reach the semifinals for the first fima. 

Bennerman finished with 34 pants. 


time after blowing the big lead in 
regulation. 

“We weren’t real shar p,” said the 
Missouri coach. Norm Stewart. 
“There are some things that we can 
do better. We\e got to play better in 

order to get where we want to be." 

Booker's 3-pointer opened the 
scoring in overtime and pm Mis- 
souri ahead to stay. 

“That hurt,” the Syracuse marh 
Jim Boeheim said of Booker’s long 
shot. “But tins team has battled 
bad: all year long, and I'm very 
proud of the way we’ve played.” 

' Adrian Autiy led Syrarasc (23-7) 
with 31 points, all in the second 
half. 

Missouri has never made it past 
the regional final The Tigers lost 
first-round games in ax of their 
previous eight tournament appear- 
ances. 

*Tve bad better teams, with 
more talent, and that doesn’t take 
away from the other teams, but this 
team has gotten the mawronm out 
of its potential,” Stewart said. “The 
bottom line is our ball chib has a lot 
of grit and they figure out a way to 
win. They really have a toughness 
about than." 

Arizona 82, Louisville 70: After 
first-round losses the last two 
Arizona is one victory away 
its first Final Four since 1988. 

All five Wildcats starters scored 
in double figures against Louisville. 
Reggie Geary had 12 points, wink 
Damon Stoudamire, Bay Owes and 
Joseph Blair each had 1 1. 

*T thfnk teams have overlooked os 
a lot, because we’re in ibe West and 
they think we’re gang to be a timid 
team,” Blair said, “tail we can be 
aggressive when we have to.” 

With Arizona collapsing its de- 
fense on Clifford Rosier, who was 
held to just five points, Louisvflk 
was forced to rely on its outside 
But the Cardinals hit just 
7 of 27 g-pomt shots and made only 
25 of 67 field-goal attempts. Hazier 
had just four field-goal attempts. 

“There's do question the key to 
the ball game was to defensively 
make it difficult fra them to score,” 
said the Arizona coach, Lute 09- 
son. (AP, WP t NYT) 


t 

ft: - 


i K- 


:ru.. 

‘K-S X* 


.r i c- 


. 

•f 


— - 
: - . r: Srrti', -"gram. 
- s.- xr.ic 

t: - -77-0 

, t - *r -r ‘•-r ■' 

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: 1 w. ■€='■ 
i «: :• 1 '«• 


ed by a sparkling footwork routine 
"as she edged out Surya Bonaly of 
^Franc^ the European champion, in 
-the technical program. 

Jos£e Chouinard of Canada 
"made a small mistake in what 
might have been the best artistic 
•performance of the round and took 
tirird place. 

The tw^mieai progra m counts 
"for one- third of the women’s com- 
- -petition, which is to continue Sat- 
-urday with - the 4-miniite free pro- 


Formula One Racing: New Season, New Questions 



It was tight at the top as Sato and 
Bonaly each had first place votes 
6 from four of the nine judges. With 
* k ' no outright majority, it went back 
i to second plaoe votes and Sato had 
'• five to Bonaly’s two. 

The Germans Tanja Szewczenko 
-'and Marina Kidmann held the 
: 2hext two positions with Ukraine’s 
Elena Uashenko a smpriang sixth. 

She would have been higher after 
completing all her difficult de- 
ments perfectly, but she fdl on a 



field, weaker than anticipat- 
ed following the withdrawal of the 
Olympic gold and silver me da lis ts, 
Oksana Baiul and Nancy Kerri gan, 
was further depleted when Oku 
-,.Lq of China, third at the Ufleham- 
mcr Games, pulled out on Thurs- 
day with a foot injury. 

* (Reuters, AP) 


By Brad Spurgeon 

International Herald Tribune 

P ARIS — Alain Prost last week ended the 
suspense in the off-season Formula One 
saga of will-he-or-won’t-be drive again. But 
on Sunday, the 1994 season opens in Brazil 
with other questions that could make or 
break Formula One racing as a spectator 
sprat. 

Prost undoubtedly made the right decision 
to stay in retirement after the problems be 
had last season - 

with FISA, the Vanias® 
sport’s govern- - 
tag body. For- ***”*** 
mills One rac- 
ing, however, has lost a great champion and 
with him a great rivalry between Prost and 
Ayrton Senna. The sport wiU have to offer 
great compctiton to make up for it. 

T net cMcnn tVi*> crvtft ramw*. dose tO lOQSg 

„ dendiness of the nerw- 

techmcal rules. But the new 


tHbOiythnmgh 

anct FISA’s to — 

Paris-based°^ero^km^ U A^raDolHle Fed- 
eration, or FIA — still has rules problems 
that could well explode starting with the 
season’s first race, the Brazilian Grand Prix 
in Sho Paulo on Sunday. 

At the heart of the current problem is a 
gas-pedal system known as “By-by-wire.” Jt 


involves an electronic accelerator that com- 
municates with the motor not by the tradi- 
tional mechanical cable method, but by elec- 
tronic signals. The top mams Williams and 
McLaren use the system, while the smaller 
teams argue the legality of what they contend 
falls under the caiegory of banned driver’s 
aids. 

The new rules were established in July 
without direct reference to the system. FIA 
subsequently issued a letter apparently out- 
lawing “fly-by-wire." Bui a showdown Iks 
ahead when track stewards check the cam in 
Brazil 

Another unknown factor is the refuelling 
that had been outlawed since 1983 due to the 
danger of fire: The system was revived in an 
attempt to bring mare spectacle to a form of 
rating that is regulariy dominated by the 
same few k^ms. It also gives teams with 
bigger engines, like the V12, a weight advan- 
tage that their V 8 or V10 rivals have at the 
start of a race when their gas tanks axe ML 
One re™ in particular. Fenrai, is said to be 
Bkdy to profit by the refuelling. 

But while aD teams agreed to the refuelling 
rule in July, many haw since d eno un ce d the 
system as dangerous and unhkdy to^ 
anyone an edge. They will have the' 

of voting down the rule during ti 

which creates aoothcrarca of possible friction. 


Other questions that will decide the fate of 
the sport involve human rather than techni- 
cal battles. 

Smm is the favorite to win the driver’s 
rhampiiniBhin having inherited the W0- 
liams-Renanlt car of the two previous cham- 
pions (Prost last year and Nigel Mansell in 
1992). 

Bat the prescason practice sessions have 
shown that his path will not be easy. At 
imrila earlier this month, it was the rising 
young German star Michael Schumacher in 
his Benetton-Frad who gpt the best time, 
ahead of Senna. 

But Prost’s departure has left Senna as the 
only driver previously crowned world cham- 
pion. And it would appear unhkdy that a 
driver like Schumacher can go from winning 
one race a season to winning enough races 
for the title. In 1993, Prost needed seven 
victories; in 1992, Mansell won nine races. 

But in Formula One racing, anything is 
possible. 

Some predictions fra the coining season: 

• Schumacher will win more than one race 
in a season for the first time. 

• Jean Alea, the Frenchman in the Fer- 
rari, will win his first ever Grand Prix, and 
FerraTs first since 1990. 

• Swing will have a difficult time winning 
the world championship, if he wins h at all 


repeat 
f tnepn 


domination of the previous two years. 

• McLaren -Peugeot will be a strong coo- 
tender for the places on the podium that are 
offered by the other top teams dropping out 
of races with blown engines and spin-outs. 
The untried Peugeot motor will fail less often 
through a Now out andmore through devel- 
opment needs. 

• Refuelling will be the Williams team’s 
undoing as it is one of the weakest teams 
during pit stops. 

• McLaren will continue to set records for 
the shortest pit stops, even with the refudling, 
because it is the strangest team in the pits. 

• The number of different drivers to win a 
Grand Prix in a single season will be the 
largest it has been in years. 

• Some of the most exciting teams will not 
be those that win races, but those (hat have in 
the past been eclipsed by the big teams and 
wiB this year be fighting for the tourth, fifth, 
and sixth places. These indude Laraousse, 
Jordan and TyrrdL 

• The sport’s governing bodies will do 
their best to smooth out all roles problems in 
order to salvage a Formula One image that is 
becoming increasingly dark. 

If not, they risk taring fans, and Formula 
One could go the way <rf the World Sports 
Car Championship, which died last year. 


NFL Colts Trade George to Falcons 

ORLANDO, Florida (AP) — Four years ago, Jeff George wanted to go 
home to Indianapolis and the National Football League’s Atlanta Fal- 
cons granted him his wish. The Falcons came through for George again 
on Thursday, allowing him to escape his hostile hometown in a deal for 
three draft picks. 

“Maybe you just have to leave home to become the player and person 
you want to be,” said George, who was only 14-35 as a starter with the 
Colts after being the No. 1 pick in the NFL draft in 1990. The pick was 
made after Atlanta dealt George's rights to Indianapolis for Chris 
Hinton, Andre Rison and a No. 1 pick that became Mike Pritchard. 

This time the Colts got Atlanta’s No. 1 pick in next month’s draft, 
giving them the second and seventh overall, and a third-rounder. Also, 
the Colts got a 1 996 second-rounder that could become a No. 1 if George 
plays 75 percent of the plays in nine Falcons’ victories in 1995. 

Norman Ties Players’ Course Mark 

PONTE VEDRA, Florida (AP) — Greg Norman took advantage of a 
soft, vulnerable course fora 9-imder-par63, tying the course record in the 
first round of the Players Championship. 

The home course for golfs touring pros, once the object of player 
criticism as being so difficult as to be unplayable, turned into a docile 
plaything '' ' T ' L J " c *“ 

five times . 

Nonnan was able to open only a two-shot lead. 

For the Record 

Mike Tyson, the farmer world heavyweight boxing champion, failed his 
higi school equivalent exam at die Indiana Youth Center where be is serving 
six years for rape. He could havehad three months taken off Us sentence if be 
had passed, malting him eligible for parole in February. (AP) 


ything in the ideal conditions on Thursday. Even though he birdied 
: times in a row and tied the course record set in 1992 by Fred Couples, 


REAL PEOPLE By Jeanette K. Brill 


ACROSS 


■ 1 
ii 


1 Harbor 

. .ti 

% 

- 6 Fluid part of 
blood 

- 

) 

! 12 Slangy refusal 



■ 18 1990 movie 

if 

Si 

“Home " 


-- 



-.'Js . “a* 

. 34 



19 Chap 
; 20 Blackboard 
V adjuncts 
T 22 Fitting name for 
a baseball pitcher 
' 24 Catches a 
misdeed 

- 25 “Exodus" hero 

26 “La Plume de 

Ma “ 

27 Essence 

I 29 TV Guide 
listing 

30 Noisy fight 

• 32 Solid 

* unsxtiuated 
alcohol 

34 Rio, Tex. 

-35 Former name of 
radon 

36 Fitting name 
for a prison 
warden 

40 Govt, flight 
regulator 

43 Nibbles 

44 Creepy 1976 
film, with ‘The" 

45 Tossoot’s 


46 Small islands 

47 Show 
infatuation with 

48 Israel's Eban 

49 English poet 
Matthew 

51 Exclamations of 
inquiry 

52 Fitting name 
for a golfer 

55 River in 
northern France 

56 Stashed away 

60 Alda and Pa ton 

61 Gardener, at 
nmw 

62 Not given an 
audience 

63 Dr.FuManchu 
player of 1929 

64 Israeli Prime 
Minister, 
1953-55 

65 Meager 

66 Earthen 
container 

67 City where 
Henry IV was 
crowned, 1594 

68 Severs 

69 Fitting name for 
a Congressman 

71 Sunny vacation 
spot 

72 Goodbyes 

73 Toothy tool 

74 Big name in 60’s 
folk music 

78 Epitome of 
thinness 


| Solution to Puzzle of March 19-20 




m\m HnBE B3B5 


qHflSftE 




aaa 2 P^ S nSBGG COKE ^ 



79 White House 
moniker 

80 Word with soul 
or help 

81 Primp 

82 Masthead 
listings, for short 

83 Fitting name 
for a golfer 

87 Ordain 

88 Soldier of 1861 

91 Inscribed stone 
markers 

92 * Lady’ 

(Willa Cathcr 
novel) 

93 Conservation- 
ists' — Club 

96 To dare, in Dijon 

97 Insects’ sensory 
organs 

100 generis 

102 Throwback 
104 Fitting name for 
a tennis player 

107 Reconcile 

108 Refuges 

109 ski 

ItO Enzyme in milk 

111 Rig name in candy 

112 Strapped 

DOWN 

1 Mexicali locale 

2 Frightful 

3 Relating ip 

E je at large 
es trim 

6 Mail 

7 Accompaniment 
forapavane 
8 Farm- related: 
Abbr. 

9 Photography 
sessions 

10 Botanist Gregpr 
11 Sweater material 
12 “High Noon’ 
composer 
Washington 

13 Vein contents 
14 Out 

15 River to the 
Rhone 

16 Fitting name 
for a baseball 
player 

17 Collectible 

modem 

illustrator 


O New York Times Edited by Will Shortz. 



19 Presidential 
monogram 

21 Draft agey. 

23 “The Facts of 
Life* star 

28 Not the quiet 
ones 

31 Actor Rob 

32 Original 

33 Divulge 

35 Ex-Vietnamese 
leader— — 
DinhDIem 

36 Aimed high? 

37 Set finnJy 

38 Have on 

39 Obsolete nup 
abbr. 

41 Olympian 


42 States positively 

46 Have (be 

kind) 

48 "Here Comes 
Santa Claus’ 

singer 

49 Mischievous 

50 Split apart 

52 Preliminary races 

53 Vultures have 
them 

54 Candied, as fruits 

55 Birofexchcment 

56 Sigh 

57 Covered 
completely 

58 Fining name 
for an author 

59 Let 

61 Classic western 


63 Odd, to a Scot 

64 Dinner table item 

66 Serve specially 

67 Jalopy 

69 Raisin cakes 

70 Become raveled 
72 Nickname 

74 Peter the 
cartoonist 

75 Give comfort to 

76 Rebuked at 
length 

77 la cap. is Toronto 

80 A1 Capp's Daisy 

81 Avian btemouth 
84 Toady 

[repeated 
before “Me" in 
a Beaties hit 
86 Bird and King 


89 See 93-Down 

90 Skater Boitano 

92 Inclined 

93 With 89-Down, 
a past Senator 
from North 
Carolina 

94 Brain passage 

95 -spumame 

97 Novelist Theroux 

98' French weapon 
99. Bandleader 
Brown 

iOI Small . 

beginning? 

103 Dccamerous 
group 

105 Gold in colon 
Abbr. 

106 Unfold, 
poetically 


California Schools Sack the Handshake 


Los Angela Tima Service 

LOS ANGELES— It is the’ 
sportsmanship: the victors and the van- 
quished faking hands at the end of a Utter 
contest 

But after a series of scuffles between high 
school tewms in California’s Ventura County, 
officials in the Mannonte League say they are 
sacking the symbol to save the sports. 

Fmm tennis matches In baseball games to 
swim meets, competitors in the league are 
now forbidden from shaking hands after 
league contests. 

Critics complain that the new policy, en- 
acted earlier this month, is also a symbol — a 
disturbing though perhaps apt one in an era 
of bratty tennis players swearing at line 
judges *nd coadtes huffing chairs onto bas- 
ketball courts. 

In recent years, high school sports events 


around Southern California have been 
marred by violence between opponents. 

As a result, some high school sports leagues 
have scrapped postgame handshakes in espe- 
cially fense dtvumstances. The Mannonte 
League appears to be the first to abolish the 
practice altogether — in all sports, for' boys 
and girls. 

Principals of the eight schools in the league 
— which encompasses mostly white, nriddle- 
rlass bedroom communities — voted unani- 
mously to ban postgame handshakes, encour- 
aging handshakes before m pmii. 

Terry Tackett, the r-amariTin High School 
principal and a former baseball coach who 
proposed the rale, said he believed the prohi- 
bition “is promoting sportsmanship, but an 
honest sportsmanship rather than just going 
through the motions.” 


Critics don’t see it that way. 

“It’s about resolution,” said a University of 
Southern California philosophy professor, 
Dallas Willard. “It recognizes that in the 
competition feefings are aroused. There is 
hostility. But the idea is now the game is over 
and the two sides come back together.” 

He added: “Without it, there is no resolu- 
tion. You cany the resentment or the feeling 
of domination off the field with you.” 

Coaches in neighboring leagues voice simi- 
lar opinions. 

“If we’re that far gone, we shouldn’t be 
playing at aD,” said Darryl Strata football 
and baseball coach at Granada FEUs High 
SchooL “If kids can’t handle taring, then we 
aren’t doing our job. Overcoming the adversi- 
ty of losing is part of growing up.” 


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Page 20 


DAVE BARRY 


The Trebuchet Project 


M IAMI — Today we have a 
heartwarming human inter- 
est story about some guys in Texas 
who are fulfilling a team — a 
dream that all of us have dreamt 
but, for one reason or another, have 
had to abandon. That's right: 
These guys are building a device 
that will be capable of hading a 
Brick 200 yards. 

Richard Clifford, an engineer 
and artist, and John Quincy, a den- 
tist, were snorting brewskis one 
day, and, as guys often do when 
they're getting in touch with their 
feelings, they got to talking about 
medieval war weapons. 

As you recall from daring off 
face-down on your history text- 
book, medieval cities were sur- 
rounded by high stone walls with 
massive iron gates that would not 
open unless you punched in the 
secret digital Roman-numeral pass 
code. Thus the only way that an 
invading army could get inside was 
to knock holes in the wall by hurl- 
ing large objects at it. Originally 
catapults were used for this, but 
they were eventually replaced by a 
more powerful device — the atomic 
bomb of the medieval ora — called 
a irebucheL lfs basically a long 
arm with a big weight attached to 
one end; the weight is raised, then 
dropped, which whips up the other 
end of the arm, causing it to fling 
the projectile. 

According to an article in the 
January issue of Mechanical Engi- 
neering magazine, some trebuchets 
could throw 300-patmd boulders as 
far as 300 yards. They also were 
used to throw DEAD HORSES. I 
am not making this up. The idea 
was to spread disease. This would 
be a real morale-breaker: 

HUSBAND: Hi, honey! Tm 
home from my medieval job in the 
field of crossbow sales! What's for 
dinner? 

WIFE: Your favorite! A nice big 
mutton . . . 

(A DEAD HORSE COMES 
CRASHING THROUGH THE 
CEILING, SPEWING MAG- 
GOTS EVERYWHERE) 
HUSBAND: Actually, Tm not 
hungry. 

WIFE: I cannot WATT for the 
Renaissance; 

□ 

Yes, the trebuchet was an awe- 
some weapon, and the more Rich- 
ard Clifford and John Quincy 


thought about it, while drinking 
beer, the more they realized that 
they bad to buSd one. And so they 
did some serious trebuchet re- 
search. They read books on mili- 
tary history. Then they went to 
England to consult with the world’s 
leading trebuchet expert, a histori- 
an named Hew Kennedy. Kennedy 
has built a large working trebuchet 
at his home in Shropshire, and be 
regularly invites his neighbors over 
to watch him hurl stuff across the 
fields. According to Mechanical 
Engineering, he has burled small 
cars, dead pigs and grand pianos. 

He hurled a piano for Clifford 
and Quincy. “It went almost 200 
yards,” Qurncy told me, with awe 
m his voice. 

□ 

Clifford and Quincy returned 
borne inspired. They printed up 
some official stationery. (It says 
“PROJECTILE THROWING 
ENGINES, Texas Division: Hurl- 
ing Into the 21st Century.”") They 
hooked up with a welder, Don Car 
pers, and together they developed 
and built an improved trebuchet, 
for test purposes. They’ve been us- 
ing it to hurl bowling balls. 

“We’re throwing bowling balls 
now somewhere between 400 and 
500 feet,*’ he said. 

But that is small potatoes. They 
plan to build — get ready — THE 
BIGGEST TREBUCHET IN THE 
HISTORY OF THE WORLD. 
The one that will hurl the Brick. 

Here is how serious they are: 
When I spoke with Quincy, he had 
just purchased 80 acres next to his 
property JUST SO THE BUICK 
WILL HAVE SOME PLACE TO 
LAND. 

“Wherever it lands," said Quin- 
cy, “it’s going to stay there." 

Quincy said they’ll use The Big 
One to raise money for charity by 
holding several major huriings per 
year. And we’re not talking just 
Bricks. Quincy sent me a ballistics 
chart listing detailed technical data 
on the honing characteristics of- 
among other items — a toilet a case 
of Spam, a necliner, an Airstream 
trailer, a cow and a mime (“silent 
right hurling,” notes the chart). 

I Intend to be there when the 
Brick goes up. When H doej, I 
know that Tm going to have a very 
special feeling inside me. It will go 
away when I burp. 

Knight-Riddcr Newspapers 


• INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MA RCH 26-27, 1994 

‘Pigsty’ and Other Choice Vacation Spots 


International Herald Tribune 

M aidenhead, England — it my seem pecu- 
liarly, and even perversely, English to choose to 
spend one’s vacation in a former railway station, a Metbod- 

Bu^AUon, built around 1850, is the only Itajjaaate 
railway station in Staffordshire and sleeps six. The Pigsty, 
from the same period and in Robin Hood’s Bay, Y brksmre, 

MARY BLUME ~ 

has a fancifully jplump Doric facade, while the House of 
Correction in Lincolnshire has an entrance variously in- 
spired by Vanbrugh, Sammchdi and Ledoux. The Dans- 


combe Mine, which produced arsenic used to protect 
cotton against the boll weevil, is in a lovdy valley in 
Cornwall. 

“Arsenic crops up in beautiful parts of Devon and 
Cornwall so Danscotnbe is a very pleasant place;” says 
Robin Evans, director of the Landmark. Trust, which 
restores and a d minis Lets 200 unusual properties. They are 
rented; usually for stays of from three days to three weeks, 
and have now welcomed 20,000 satisfied viators. “We put 
the children in the dungeon, which they thoroughly en- 
joyed,” says a note in the logbook of a 13th-century tower 
in Wales. 

Based on a uniquely British combination of pragmatism 
and sentiment, the Landmark Trust rescues buildings that, 
in the words of Sir John Smith, who founded it in 1969, are 
“too desperate, troublesome or unfashionable for anyone 
else.” They must be of architectural or historic interest 
and by ddinition are in appealing sites. 

‘That’s why they were bruit,” Evans said. “If someone 
boilt something caDed Prospect Tower it was because it 
had a prospect?’ Prospect Tower, in Kent, was built as a 
cricket pavilion around 1870 and sleeps two. 

The Landmark Trust does not deal in vast stately homes 
on the National Trust scale. It was Sir John Smith’s service 
on the National Trust’s council that made him see the 
need for saving small properties threatened by destruction 
or development. 

“So he set up the Landmark Trust to rescue them, which 
was an amazing concept,” Evans said. “Best of afl, be 
worked out using them for self-catering holidays because 
you don’t have to alter them very much. You can have the 
dining room on the top floor, the kitchen on the ground 
floor — it's ghastly but you can put np with it for a week, 
it’s part of the fun. Secondly, you don’t have the domestic 
paraphernalia of a double garage and television aerials, so 
the historic setting is untouched. You get at least 50 sets of 
people enjoying the building and they help with rental 
income for future upkeep. 

The Landmark Trust, winch has headquarters in the 
former gardeners’ cottages on Sir John's estate near Maid- 
enhead, is offered about 10 properties a month: buildings 
which have not found buyers on the real estate market, 
some of them in ruins. After thorough inspection, the 
Trust buys them or takes them cm a long lease and 
undertakes meticulous restoration though its network of 
local architects. 

Modem conveniences, kitchens and heating are in- 
stalled, suitable old furniture put in, and there is always a 
library of fictional and historical walks about the region 
and a logbook in which visitors note their impressions and 
give advice (“Tlie Landlord of the Kentish Horse has a 
good strong rider, which he is reluctant to serve to laches 
m large quantities”). 

The Trust isn't interested in win dmills or cute cottages 



Among Landmaifc Tirat rentals are the Egyptian House in Penzance, the Alton station and the cofammed Pigsty. 

that would find other buyers. The taste is for the unusual: In The Landmark Handbook — a very good read — Sir 

the only remaining domestic building thatched in heather, John Smith points out that the Trust is not part of the 
Charles Rennie Mackintosh's Hill House near Glasgow, a “heritage industry” which seems bent on turning Britain 
folly in the shape of a pineapple (sleeps four), an Egyp- into a theme park. Preservation for its own sake is not the 
tian-style house built in Penzance in 1835, or the flat rim. 

occupied by Sr John Be^eman in the Dry of London. The “Our point is to give the budding a use," Evans said. “A 

Trust owns the entire island of Lundy in the Bristol budding ih?T is preserved but has no use is not to our 
Channel with a variety of houses served by the Trust s min ds a building f has a future.” It was the fact that 
300-ton supply ship, the MS Oldenburg, Kipling’s house would become neither a deadly museum 

The smallest property is Lundy’s tiny Radio Room, nor be transformed that made its owner turn it over to the 

which rents for £1 1 (about SI 6.50 j a night in November Trust 

and December. The largest is the frescoed Saraceno, a Trust buildings are not available for corporate seminars 

newly opened Palladia villa in Vicenza which slaps 15 OT f OT weddSeTBusmess is brisk the year round and none 
and rents for £249 a night m the off season ( mmrnmm of tebtrfldingT^ 

three nights). them up whether they’re a flat in Lancaster — people 

In addition to the Villa Saraceno, the Trust rents out the would say why I .awmster but there's a beautiful music 
flat above the one in which Keats died at 26 Piazza di room with wonderful plaster — or a pineapple or a 
Spagna in Rome, and Naulakba, the house that Rudyard medieval hall house.” 

Kipling built for himself in Brattleboro. Vermont. . .. . „ . 

p 6 . By the time visitors have adjusted to finding bathrooms 

Rental income just covers upkeep. The Trust IS now tnrlced in hattlamaino nr having tfi pit their pns y»fisifins m 
increasing its income by m ana g ing such new rental prop- a wheelbarrow because (here is no road access, they have 
erties as two crown-owned apartments in Hampton Court, come to love thdr Landmark. 

Dogs are welcome at most properties, and .cmniring jfc As one visitor wrote sadly in the logbook on leaving the 
allowed. A housekeeper opens and doses for each tenant. Pineapple. “Farewell rid fruit.” 

Telephones are supplied only “for compdQixig reasons” — 

Anri there is no television. ” The Landmark Handbook is available firm the hmd- 

“People break the routine, it is important for us that maric Trust, Shottesbrvoke, Maidenhead, Berkshire SL6 
they do,” Evans said. The logbooks record their surprises: 3SW. Prices including postage are £8 in Britain, £10 for 
“The vicar called on horseback,” “A snail ate a vital part Europe, £20 for the Middle East and United States, £25 for 
of my message to the mflhnan." “You do recover from a Australasia and the Far East. Fax (44) 628 825-41 7, tele- 
20-mile walk." phone (44) 628 825-925. 


PEOPLE 

IhUasUnclenchelmed • 

By a Clinton Wedding . 

Let’s just say that Dallas society is 
rather underwhelmed by the im- 
pending nuptials of the president's 
half-brother, Roger Cfinton. Not 
even President CBcrton's role as best 
man has impressed the city’s imfr 
set. “We’ve had weddings that had ^ 
far rigger implications for Dallas," 
sniffed Helen Bryant, the society A 
columnist for The Dallas Monringn 
News. Roger CBnton, 37, and the”* 
very pregnant MoBy Martfex, 25, d 
Dallas, wjBT exchange T-db’s” Sat- 
urday at the Dallas Arboretum and 
Botanical Gardens. Bryant noted % 
that “the wedding of mss Peroft : 
daughter was a rigger deaL” 


Jorii Updike, George F&nptoo, 
Tina Brown and a wefl-heeted cote- 
rie turned out to honor Tram ■ 
Capote with — what rise? — a 
breakfast at Tiffany’s. The occa- . 
si on was the announcement of a : 
new literary trust named for the - 
author whose novella “Breakfast at • 
Tiffany’s” and nonfiction book “In - 
Cold Blood" both became movies. 
Capote died in 1984. 

□ 

Drew Barrymore, 19, of the faro- * 
ous acting dan, was married last 
weekend in Los Angetes to Jcraqy ' 
Thomas, 31, a Briton who owns a • 
Los Angeles dub. 

□ i 

Frank Sinatra, 78, appeared to be 
in good shape during his concert in ’ 
Trisa, Oklahoma — his Gist outing 
since he collapsed on stage March 6 
— though be seemed to have trou- 
ble remembering some of his tines. 

□ 

After having her arthritic kit hip e% 
replaced, EEzabetfa Taylor, 62, b m 
recuperating and should be ont of 
the hospital in about a week, bn 


pa>' 


The last time Jerry Rubin visited 
his alma mater, federal agents 
chased him away. But that was 25 
years ago. The former Yippie, now 
55, went back to Walnut FEDs High 
School in Cincinnati this -week to 
raise money for its centennial cele- 
bration next year. 


HVTERjVAXIOJVAL 

CLASSIFIED 

Appears on Pages 7 & 73 


WEATHER 


POSTCARD 


Europe 


(forecast for Sunday through Tuesday, as provided by Accu-Weathor. 


Cents Oof Sol 

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North America 

The weather will heat up 
along live California coast 
Sunday. Stamen and cooler 
weather may arrive Tuesday. 
Heavy rains In the East Sun- 
day will combine with 
snowmel to trtqger flowing 
along rivers and streams. 
Snow wW WanfceJ the Great 
Lakes regtor north of Chica- 
go and Detroft. 




Unmaonabir 

HM 


Europe 

London lo Parts will have 
dry. seasonable weather 
Sunday and Monday. Tues- 
day will be breezy with a 
shower. Very wa weather 
wfl continue over souttiwcnt- 
wn Europe Sunday. Show- 
ers are possfflie eiuly next 
week. Locally heavy rsina 
are possWo over southwetf- 
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Beijing and Seoul wffl have 
dry. seasonable weather 
Sunday Mo eaity next week. 
Milder weather will reach 
Tokyo early next week. 
Heavy rains over southern 
China Sunday wffl drill slowly 
eastward toward Taiwan 
early next week. Manila and 
Bangkok w9 be partly sunny 
and very worm. 


Binrtok 

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Chicago’s Famed Maxwell Street Bazaar Is Endangered 


£1/70 14(57 B 22/71 16(66 s 
23/73 15*9 s 24/75 17*2 8 


Legend s-eunny. popartly doudy. o-doudy. ahehoww* Hhu mw mipnno. Hah. si-snow fluntei. 
sn-onow. Hoe, WVWwr. A B new, f orec m iend dwa leu vMed by / tax t- W eodwr, hc-C 1994 


By Isabel Wilkerson 

New York Tunes Service 

C HICAGO — On Sunday mornings, a magi- 
cal seedy circus of possibilities rises from 
the broken streets west of the Loop, a ragtag 
market thick with the smeB of grilled onions, the 
crackle of blues from cheap speakers and hag- 
glers hooting fra dried peppers or toilet seats. 

Fra 120 years, the Maxwell Street Market has 
been the mail of the dispossessed, from the 
Jewish pushcart peddlers selling fruit at the 
turn of the century to the blade vendors of 
gospel tapes and toggle bolts, the Hispanic 
tortilla makers and Korean gym-shoe salesmen 
who ah inherited the market from the Jews. 

It is a place that draws 20,000 customers even 
in bad weather and has as much as S20 million in 
sales a year by some estimates, although no one 
really knows, it is where Mary Torbert, a retired 
nurse from the suburbs, comes every Sunday for 
sweet potatoes and Gloria Torres, a data entry 
dak. comes for bananas and tomatillos. 

Charlie Ford, a tax collector from Mechan- 
icsborg, Illinois, drove three hours last Sunday 
to get a $80 vacuum cleaner for $30. 

“This is the greatest market of chance in the 


world," said Judge Hightower, a blind man who 
barks the menu of Jim’s Original World Fam- 
ous Hotdog Stand from his chair out front. 
“You can come down here with nothing and go 
back with who knows what." 

But in the last several decades, as suburban 
malls flourished, as rival retafleix across the dry 
started opening on Sundays and Maxwell Street 
lost its lock on (he Day of Rest, as the original 
Jewish delicatessen and clothing store owners 
retired to Honda, as homeless people started 
selling stolen hubcabs and X-rated videos and 
as even drugs and prostitution could be found 
amid the power tools, the market has lost its 
innocence. 

Now Maxwell Street is faring extinction. The 
city, which owns the land, wants to move the 
market to make way for softball fields and 
science laboratories fra the University of Illi- 
nois at Chicago. 

The new location would be several blocks 
east, on the other side of the Dan Ryan Ex- 
pressway. The city also wants lo raise vending 
fees to $25 aday from $25 a year and limit the 
number of vendors by prohibiting felons from 


“If s the first step toward death," smd David 
Whheis, a writer and regular at Maxwell StreeL 
“It’s like watching a beloved relative who is no 
longer himself . 1 would rather see it die and rest 
in peace than see ityuppified and trendified." 

Many city officials and tbc well-to-do people 
who live near the university consider the market 
a faded relic and an eyesore. 

Critics say some prices arc low because va~ 
grants get their merchandise from alleys or 
trash cans and others steal theirs from the 
neighborhood. 

The death knell for the market, advocates 
say, will be the increase in vendor fees because 
the vendors are people hustling cm the edges of 
society. “There’s no guarantee you’ll make 
$25," Hightower, the bSnd man, raid 

The city has said the fees would help pay for 
better sanitation and police protection and 
would therefore help the vendors make more 
money. 

“There is no such thing as a free tide,” said 
Jim Williams, the mayors press secretary. “It 
takes an investment to do business. Maxwell 
Street is no different." 


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